The Securities and Exchange Board of India (SEBI) has fined Shivani Gupta, Sachin Gupta, Amit Garg and Quick Developers a total of Rs 8 crore for violating insider trading norms with relation to the PC Jeweller case.
According to a release, Sachin and Shivani Gupta are, respectively, the son and daughter-in-law of former chairman of PC Jeweller, Padam Chandra Gupta, while Amit Gupta is his nephew.
“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.
SEBI has directed them to credit the fine to an escrow account and not to dispose of or alienate any of their assets/properties/securities, till such time the amounts are credited to the escrow account.
SEBI has directed banks to not allow debits from the bank accounts of Shivani Gupta, Sachin Gupta, Amit Garg and Quick Developers, to the extent of the amounts impounded until the escrow accounts as stated above are opened by them and the amounts as stated are transferred.
SEBI has also directed the restraining of these persons from accessing the securities market and prohibiting them from buying, selling or otherwise dealing in securities for an appropriate period.
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