Aptech insider trading case: ACE INVESTOR Rakesh Jhunjhunwala, wife Rekha settle matter with SEBI for over Rs 11 crore
Besides the investor couple, Rajesh kumar Jhunjhunwala, Shushila Devi Gupta, Sudha Gupta and Utpal Seth have also settled the matter with the Secuities Exchange Board of India
Aptech insider trading case: Big Bull Rakesh Jhunjhunwala, wife Rekha Jhunjhunwala have settled the case related to reported insider trading in Aptech shares. Besides the investor couple, Rajesh kumar Jhunjhunwala, Shushila Devi Gupta, Sudha Gupta and Utpal Seth have also settled the matter with the Secuities Exchange Board of India in the matter pertaining to unpublished price sensitive information (UPSI) on Aptech Ltd. As per the market regulator order, this was a UPSI between March 14, 2016, and September 7, 2016, the date of official announcement.
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As per the settlement amount by SEBI, Rakesh Jhunjhunwala had to pay Rs 9.5 crore, Rekha Jhunjhunwala Rs 1.56 crore, Rajesh kumar Jhunjhunwala 1.21 crore and Utpal Seth Rs 67 lakh.
Aptech insider trading matter
On September 7, 2016, Aptech Ltd announces to venture into pre-school segment and the matter was shared on the exchange after markets closure. However, It was alleged that Rakesh Jhunjhunwala and Utpal Seth already had the information about its development, which they went on to share with others, SEBI had said.
How does this settlement works?
In this settlement, neither the person concerned accepts, nor denies allegations. SEBI settlement regulations permit a defendant to settle an issue with the market regulator without admitting or denying the charges.
Rakesh Jhunjhunwala holding in Aptech Ltd
Currently, Rakesh Jhunjhunwala holds 24 per cent stake in Aptech Limited.
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