Sebi on Thursday slapped a total fine of Rs 36 lakh on three individuals and Radhe Developers (India) Limited for violating insider trading norms.
The case relates to a sharp rally in the scrip of Radhe Developers (India) Limited during March-May 2008. It was observed that the price of the scrip opened at Rs 47.25 on March 27, 2008 and touched a high of Rs 165.35 on May 7 before closing at Rs 157.70.
Sebi, through two separate orders, has imposed a penalty of Rs 21 lakh on Ashish Patel, MD and promoter of Radhe Developers for trading in the company’s scrip, while possessing un-published price sensitive information related to its quarterly earnings as well as not complying with model code of conduct.
Sebi has slapped a fine of Rs 5 lakh each on the company and its two directors Praful Patel and Milan Patel for failing to adopt the model code of conduct as required under prohibition of Insider Trading Regulations.
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