Sebi fines Biocon, its designated person for violating mkt norms
Designated person of the firm, Narendra Chirmule, who was employed with the company as senior vice president-R&D is facing a fine of Rs 5 lakh for trading in the company's securities when the trading window was closed.
By ET Bureau | Updated:
BCCL - Non Copyright
MUMBAI: The Securities and Exchange Board of India (Sebi) has imposed a total penalty of Rs 14 lakh on Biocon Ltd and one of senior executive for violation of insider trading norms.
Narendra Chirmule, senior Vice President- R&D, had traded in the company’s shares during the trading window closure period.
“It was also observed that Biocon received intimation of the said trade from Chirmule on January 28, 2019 and it intimated the Stock Exchanges of the same on October 18, 2019, i.e., after 262 days of the transaction.. the company had to notify particulars of the said transaction to stock exchanges, within two trading days of receipt of disclosure from Chirmule. Whereas, the company disclosed the said transaction to stock exchanges with a delay of 260 days,” Sebi said in a order.
Narendra Chirmule, senior Vice President- R&D, had traded in the company’s shares during the trading window closure period.
“It was also observed that Biocon received intimation of the said trade from Chirmule on January 28, 2019 and it intimated the Stock Exchanges of the same on October 18, 2019, i.e., after 262 days of the transaction.. the company had to notify particulars of the said transaction to stock exchanges, within two trading days of receipt of disclosure from Chirmule. Whereas, the company disclosed the said transaction to stock exchanges with a delay of 260 days,” Sebi said in a order.
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