Sebi Penalizes Cousins for Insider Trading in Nucleus Software Shares
The Securities and Exchange Board of India (Sebi) has fined cousins Nitin Kumar Garg and Anupam Gupta a total of Rs 25 lakh for insider trading involving Nucleus Software Exports Ltd shares. An investigation revealed that Garg, a project manager at Nucleus, shared unpublished price-sensitive information with Gupta.
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- India
The Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 25 lakh on two individuals for participating in insider trading concerning the shares of Nucleus Software Exports Ltd.
The investigation revealed that trading activities were carried out by Anupam Gupta between March and June 2023, based on insider information provided by his cousin, Nitin Kumar Garg, a project manager at Nucleus.
The regulatory authority concluded that Nitin communicated unpublished price-sensitive information to Anupam, who then engaged in trading activities with this knowledge, violating insider trading regulations. Sebi consequently fined Nitin Rs 15 lakh and Anupam Rs 10 lakh.
(With inputs from agencies.)
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