Markets regulator Securities and Exchange Board of India (Sebi) today slapped a monetary penalty on Shilpa Shetty Kundra & Raj Kundra, and Viaan Industries Ltd for disclosure and consequent violation of insider trading rules.
A total fine of ₹3 lakh has been imposed on them to be paid jointly and severally, as per a Sebi order. Shilpa and Ripu are the promoters of Viaan Industries.
The Sebi notice follows an investigation held between September 2013- December 2015 to ascertain the violation of Prohibition of Insider Trading.
In October 2015, Viaan Industries made a preferential allotment of 5 lakh equity shares to four persons and 1,28,800 lakh shares each, amounting to ₹2.57 crore each, were allotted to Ripu and Shilpa in the allotment.
“It is on record that the relevant disclosures under the PIT Regulations were made by the Noticees with a delay of more than three years,” Sebi noted.
“Therefore, considering these facts and circumstances, I hold that this case deserves imposition of monetary penalty upon the Noticees,” said adjudicating officer Suresh B Menon in an order.
Earlier today, a city court rejected the bail plea of Raj Kundra, arrested in a case of alleged creation of pornographic films and publishing them through apps.