Insider trading: SEBI bars Poonawalla Fincorp MD, 7 others from securities market
The Hindu
In February 2021, SEBI's system generated insider trading alerts related to Poonawalla Fincorp's shares
Securities and Exchange Board of India (SEBI) on Wednesday barred Poonawalla Fincorp Managing Director Abhay Bhutada and seven other entities from the securities market for alleged insider trading activities in the shares of the company, which was earlier known as Magma Fincorp.
Besides, the regulator has ordered impounding of wrongful gains worth over ₹13 crore, according to an interim order.
In February 2021, the watchdog's system generated insider trading alerts related to the company's shares. It was also the time around when an announcement was made regarding Rising Sun Holding Pvt Ltd (RSHPL), part of the Poonawalla Group, acquiring a controlling stake in Magma Corp.
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