Mumbai, Oct 16: Market regulator Sebi has found former Tata Finance (TFL) director JE Talaulicar guilty of insider trading and barred him from dealing in securities for five years. An order issued by TM Nagarajan, the whole-time member of Sebi, directed Talaulicar to “dissociate himself from the securities market and that he shall not deal in securities henceforth for a period of 5 years”.
“Based on study of the facts and circumstances of the case and the argument put forward by Talaulicar, I have reached the conclusion that Talaulicar was an insider and that he dealt in the equity shares of TFL on the basis of unpublished price sensitive information,” the 36-page order said.

The market regulator said its investigation has found that Talaulicar, the former chairman of Niskalp Investment and Trading Co (NITC), a subsidiary of TFL, had carried out insider trading in TFL shares before a rights issue of the company in March ’01.
Bureau Report