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Last Updated : Dec 18, 2019 06:05 PM IST | Source: Moneycontrol.com

SEBI fines PC Jeweller's promoters Rs 8cr in insider trading case; share price dips 4%

Sebi fined Shivani Gupta, Sachin Gupta, Amit Garg and Quick Developers a total of Rs 8 crore for alleged unlawful gains by violating insider trading norms.

Share price of PC Jeweller dipped 4 percent intraday on December 18 after the Securities and Exchange Board of India (SEBI) fined Shivani Gupta, Sachin Gupta, Amit Garg and Quick Developers, the promoters of PC Jeweller, a total of Rs 8 crore for alleged unlawful gains by violating insider trading norms.

“A sum of Rs 6,17,60,184.13 shall be impounded jointly and severally, from Shivani Gupta, Sachin Gupta and Amit Garg, being the notional loss avoided on account of trades carried out in the trading accounts of Shivani Gupta, and a sum of Rs 2,13,23,161.64 shall be impounded jointly and severally, from Quick Developers Pvt. Limited and Amit Garg, being the notional loss avoided/gains made on account of trades carried out in the trading account of Quick Developers Pvt. Limited," read the order.

According to a release, the prima facie case pertains to late Padam Chand and Balram Garg allegedly communicating UPSI -- with regard to the proposal for buyback of equity shares and its subsequent withdrawal -- to Shivani, Sachin, Amit and QDPL. It was also alleged that they traded using the information.

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The latest ruling comes after a probe into the movement of the share price of PC Jeweller during the April-July 2018 period. The watchdog looked at whether entities had traded in the scrip on the basis of Unpublished Price Sensitive Information (UPSI) pertaining to the company's buyback of shares.

At 11:15 hrs, PC Jeweller was quoting at Rs 24.80, down Rs 1.10, or 4.25 percent. It has touched an intraday high of Rs 25.05 and an intraday low of Rs 24.05.
First Published on Dec 18, 2019 11:40 am
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