Sebi Insider Trading Case Settled: Two Individuals Pay Rs 27.95 Lakh

New Delhi, Oct 3 (PTI) Two individuals have settled a case with capital markets regulator Sebi pertaining to alleged violation of insider trading rules in the scrip of Balaji Amines Ltd after paying Rs 27.95 lakh towards settlement charges collectively.

The settlement order came after -- Naveena Chandra Thammishetty and Kashinath Revappa Dhole -- filed settlement applications on February 21-22, 2024, proposing to settle the matter initiated against them, "without admitting or denying the findings of facts and conclusions of law, through a settlement order.

Thammishetty and Dhole were independent directors of Balaji Amines Ltd. They resigned from Balaji Amines in May 2023.

"The instant adjudication proceedings initiated against applicants (Naveena Chandra Thammishetty and Kashinath Revappa Dhole) vide Show Cause Notice dated December 27, 2023 is disposed of in terms of the Settlement Regulations," Sebi's Adjudicating Officer Barnali Mukherjee said in the order on Tuesday.

The Securities and Exchange Board of India (Sebi) had initiated adjudication proceedings against the applicants for alleged violation for Code of Conduct of Sebi's (Prohibition of Insider Trading) regulation.

Thereafter, a common show cause notice was issued to Thammishetty and Dhole by Sebi on December 27, 2023 for allegedly flouting insider trading rules.

Pursuant to the receipt of the applications, Sebi's High Powered Advisory Committee (HPAC) recommended that the case may be settled upon payment of Rs 13.97 lakh by each of the applicants as settlement amount towards the settlement terms.

After remitting the settlement amount, Thammishetty and Dhole settled the case with Sebi.