Three people have settled allegations of insider trading in the scrip of PNB Housing Finance Ltd by paying more than Rs 1.55 crore.
Two settlement orders issued by the Securities and Exchange Board of India (Sebi) on August 13 said that Sidhant Chandalia, Naysar Parikh and Ronak Narendra Parikh have to pay Rs 50.7 lakh, Rs 50.7 lakh and Rs 54.48 lakh respectively.
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Ronak Narendra Parikh's settlement amount was Rs 45.5 lakh plus the disgorgement of the wrongful gain of Rs 6.83 lakh plus a 12 percent simple interest, which all added to Rs 8.98 lakh.
Chandalia was issued a showcause notice (SCN) dated June 22, 2023, and a supplementary SCN dated July 28, 2023. The notice asked Chandlia to showcause why an inquiry should not be held and penalty not be imposed, under Section 15G of the SEBI Act for communicating Unpublished Price Sensitive Information (UPSI) while in possession of the same and therefore violating Section 12A(d) and 12A(e) of SEBI Act read with Regulation 3(1) of Prohibition of Insider Trading (PIT) Regulations.
Chandalia proposed to settle the proceedings against him without admitting or denying the findings and filed an application dated July 31, 2023.
An SCN and a supplementary SCN were issued to Naysar Parikh and Ronak Narendra Parikh on the same days as they were issued to Chandalia.
The notices asked why inquiry should not be held and penalty be imposed on Naysar Parikh for communicating Unpublished Price Sensitive Information (UPSI) while in possession of the same and Narendra Parikh for trading in scrip of the company while in possession of and based on UPSI and therefore violating Section 12A(d) of SEBI Act read with Regulation 3(1) of PIT Regulations and Section 12A(e) of SEBI Act read with Regulation 4(1) of PIT Regulations, respectively.
The two filed their settlement applications dated July 14, 2023.
Settlement proceedings allow noticees to settle matters without admitting to or denying anything.
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