Market regulator SEBI has barred former MD&CEO IndusInd Bank Sumant Kathpalia, former Dy CEO Arun Khurana and three others for alleged insider trading. SEBI in its interim order found that they traded during the existence of Unpublished Price sensitive information. The others included Sushant Sourav, Rohan Jathanna and Anil Marco Rao.
SEBI whole time member Kamlesh Chandra Varshney in its interim order noted that” All the Noticees, viz. Noticee Nos. 1 to 5 are hereby restrained from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever, until further orders”.
SEBI order said, “The foregoing prima facie observations contained in this Order are made on the basis of the material available on record. The Noticees may, within 21 days from the date of receipt of this Order, file their reply/ objections, if any, to this Order and may also indicate whether they desire to avail an opportunity of personal hearing on a date and time to be fixed in that regard”.
SEBI order indicated that more people are under the scanner. Order noted, “A detailed examination by SEBI with respect to insider trading (against these Noticees as well as against other suspects) as well as on disclosure violation and other violations is already undergoing which may be completed expeditiously”.
Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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