Bank of Rajasthan case: Sebi bans 7 entities for five years

Sebi barred seven entities, including former promoters, from the securities market for five years and directed them to disgorge illegal gains worth over Rs 95 lakh in the case of alleged insider trading in the shares of erstwhile Bank of Rajasthan. Bank of Rajasthan (BoR) is now merged with ICICI Bank.

To check possible violation of insider trading norms, the regulator had conducted an investigation into the movement of BoR shares from May 7-18, 2010.

This period -- which was prior to the announcement of an agreement between the dominant shareholders of BoR and ICICI Bank Ltd for a merger -- witnessed considerable price and volume movement.

In the matter, the watchdog had passed an interim order against the seven entities in January 2016. Passing the final order, Sebi has imposed a five-year ban on Rohit Premkumar Gupta, Sanjay Kumar Tayal, Navin Kumar Tayal, Jyotika Sanjay Tayal, Advik Textiles and Realpro Pvt Ltd, Kulwinder Kumar Nayyar and Azam Mohmmed Ashan Shaikh.