Sebi levies fine on 3 employees of Titan for violating insider trading norms

The regulator had received a letter from Titan wherein it intimated about violation of Prevention of Insider Trading (PIT) regulations and the company's code of conduct for the prevention of insider trading by some of its designated persons/employees

New Delhi:Markets regulator Sebi on Monday imposed monetary penalty on three employees of Titan Company Ltd for violating insider trading norms.

The regulator had received a letter from Titan wherein it intimated about violation of Prevention of Insider Trading (PIT) regulations and the company's code of conduct for the prevention of insider trading by some of its designated persons/employees.

Thereafter, the regulator conducted an investigation in the scrip of Titan and observed several non-compliances with PIT Regulations during the period April 2018-March 2019 by employees and designated persons.

A Rathinappan, Murugan M and K Nagabushana were among such employees, as per three separate orders.

During their employment with Titan, they had transacted in securities of Titan but failed to make requisite disclosures to the firm as required under PIT norms.

The disclosure requirements were triggered on account of the transactions exceeding Rs 10 lakh traded value.

By failing to make requisite disclosures, they have violated PIT norms, the regulator noted in three orders.

Consequently, Sebi has levied a fine of Rs 1 lakh each on them through separate orders.

PTI