Markets regulator Sebi Thursday directed Jagran Prakashan's company secretary Amit Jaiswal and his wife to disgorge unlawful gains of Rs 10.41 lakh in an insider trading case.
The regulator in an order held that Amit Jaiswal and his wife Mansi Jaiswal had traded in the shares of Jagran Prakashan Ltd while in possession of two unpublished price sensitive information (UPSI).
"Noticees (Amit and Mansi) are liable to disgorge the entire amount of Rs 10.41 lakh impounded vide ad-interim ex-parte order dated November 20, 2015," the regulator said.
The regulator in 2015 had ordered to impound unlawful gains of Rs 10.41 lakh after its probe found that Amit Jaiswal and Mansi Jaiswal traded in JPL shares while in the possession of UPSI.
The regulator had conducted the investigation from August to October 2009 to examine any possible violations of Sebi norms.
During the probe, Sebi found that both entities traded in the scrip of JPL during the declaration of interim dividend and announcement of financial results for the quarter ended September 2009.
Besides, Kanchan Properties, part of promoter and promoter group of Jagran, had decided to sell shares of the company in the open market to raise about Rs 40-42 crore.
Jaiswal had prior knowledge of the promoter group entity's decision to sell such substantial quantity of the scrip that could impact the company's share price.
In a fresh order, the regulator said Amit Jaiswal and Mansi Jaiswal have traded in the scrip while in possession of two UPSI i.e. declaration of interim dividend and sale of shares held by Kanchan.
The trading while in possession of UPSI violated PIT (Prohibition of Insider Trading) regulations, Securities and Exchange Board of India (Sebi) said.
Accordingly, Sebi directed that Rs 10.41 lakh impounded by it through 2015 order, shall be disgorged and credited to the Investor Protection and Education Fund established by the regulator.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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