Markets regulator Sebi on Tuesday imposed a total fine of over Rs 8 crore on Shivani Gupta, Sachin Gupta, Amit Garg and Quick Developers Pvt. Limited for violating insider trading rules in PC Jeweller case.
“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," the order said.
Sebi had conducted an investigation into the scrip of PC Jeweller to ascertain whether the suspected entities had traded in the scrip during the period April 2–July 31, 2018, or Investigation Period on the basis of unpublished price sensitive information, in contravention of the provisions of the SEBI Act, 1992.
Shivani Gupta and Sachin Gupta are the son and the daughter-in-law of Padam Chandra Gupta, the chairman of PC Jeweller. Amit Garg is the nephew.
Further, the Sebi ordered that Shivani, Sachin Gupta, Amit Garg and Quick Developers Pvt. Limited not to dispose of or alienate any of their assets/properties/securities, till such time the amounts are credited to the Escrow Account.
Also, the order said, "They are directed to provide, within 7 days of this Order, a full inventory of all their assets and properties and details of all their bank accounts, Demat accounts and holdings of shares/securities, if held in physical form and details of companies in which they hold substantial or controlling interest."
Shares of PC Jeweller ended at Rs 25.90, down Rs 1.75, or 6.33 percent on the BSE.
First Published: Dec 17, 2019 8:21 PM IST
