Sebi settles case against Suzlon's senior executive
Mumbai: Market regulator Sebi has disposed of a case against a senior official of Suzlon Energy after he made a payment of Rs 6.80 lakh as settlement in the matter related to alleged violations of insider trading norms in 2009.
Sebi had initiated adjudication proceedings against the company's' Vice President Purchase (Nacelle) Manoj Bakshi for indulging in opposite transactions in Suzlon's shares.
As per the norms, designated employees who trade in company shares are not allowed to enter into an opposite transaction -- sell or buy shares during the next 30 days or six months following the prior transaction.
In its order dated January 17, Sebi said "this consent order disposes of the aforesaid adjudication proceedings initiated against Manoj Bakshi".
The matter relates to a Sebi probe with regard to the various price sensitive disclosures made by Suzlon between November 3, 2009 and December 2, 2009.
The investigations revealed that Bakshi had frequently traded in the shares of Suzlon.
During the proceedings, Bakshi proposed to settle the charges against him under Sebi's consent order mechanism.
Subsequently, Sebi's High Powered Advisory Committee (HPAC) recommended that the proceedings "may be settled on payment of Rs 6.80 lakh towards settlement charges as proposed by the applicant (Bakshi)".
The HPAC recommendations were also approved by the panel of whole time members of Sebi, following which Bakshi remitted the amount this month.