The Securities and Exchange Board of India (Sebi) had received a reference from the bank for suspected violation of PIT (Prohibition of Insider Trading) Regulations in trading of its scrips
A former senior official of ING Vysya Bank has settled proceedings with regulator Sebi in connection with alleged disclosure lapses after paying nearly Rs 3.70 lakh.
The Securities and Exchange Board of India (Sebi) had received a reference from the bank for suspected violation of PIT (Prohibition of Insider Trading) Regulations in trading of its scrips.
Following an examination, the regulator found that Aniruddha Paul, the former chief information officer (CIO) of ING Vysya Bank, had sold shares of the bank on March 13 and 16, 2015, after which he was required to make relevant disclosures about the transactions under PIT Regulations to the bank and the stock exchanges within two working days.
Sebi had initiated adjudication proceedings against Paul on allegations that he had made a delayed disclosure regarding his transactions to the bank and failed to disclose about the deals to the stock exchanges.
According to a Sebi order, the former CIO of ING Vysya Bank had proposed to settle the proceedings on payment of Rs 3,69,780.
The settlement terms proposed by Paul were placed before the regulator's High Powered Advisory Committee (HPAC), which recommended the case for settlement on payment of Rs 3,69,780.
The recommendation of the HPAC was also accepted by the panel of whole-time members of Sebi, the regulator said.
Last month, Paul paid the settlement amount and accordingly, Sebi disposed of the proceedings.The regulator also noted that if any representation made by the former CIO of ING Vysya Bank in the settlement proceedings is subsequently discovered to be untrue, enforcement actions can be initiated against him.