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Those who settled the case are — Sidhant Chandalia, Naysar Parikh and Ronak Narendra Parikh. | Photo: Shutterstock
Three individuals on Tuesday settled with capital markets regulator Sebi a case pertaining to alleged violation of insider trading rules in the scrip of PNB Housing Finance Ltd after paying Rs 1.56 crore collectively.
Those who settled the case are — Sidhant Chandalia, Naysar Parikh and Ronak Narendra Parikh, according to two separate orders passed by the Securities and Exchange Board of India (Sebi).
Individually, Chandalia and Naysar Parikh paid Rs 50.7 lakh each towards the settlement amount, and Ronak Narendra Parikh remitted Rs 45.5 lakh as a settlement charge and Rs 8.98 lakh towards disgorgement of wrongful gain along with interest.
“In view of the acceptance of the settlement terms and the receipt of settlement amount…, the instant adjudication proceedings initiated against the Noticee(s) vide SCN (Show Cause Notice) …is disposed of,” Sebi said.
The directives came after the three persons filed applications with Sebi proposing to settle the instant proceedings initiated against them “without admitting or denying the findings of facts” through settlement orders.
The regulator had initiated adjudication proceedings against these three persons for the alleged violation of Sebi’s PIT (Prohibition of Insider Trading) rules in the trading activities by certain entities in the scrip of PNB Housing Finance.
A show cause notice was issued to Chandalia for communicating Unpublished Price Sensitive Information (UPSI) related to PNB Housing Finance.
Also, show cause notices were issued to Naysar Parikh and Ronak Narendra Parikh calling upon them to show cause why an inquiry should not be held and penalty not be imposed on Naysar Parikh for communicating UPSI while in possession of the same and Ronak Narendra Parikh for trading in scrip of the company based on the UPSI.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 13 2024 | 7:14 PM IST
