Three people settle insider trading charges with SEBI in PNB case

14 Aug 2024 CW Team

Three individuals have settled insider trading charges with the Securities and Exchange Board of India (SEBI) for alleged violations related to PNB Housing Finance Ltd. The settlement, which totals Rs 15.6 million, resolves the case against Sidhant Chandalia, Naysar Parikh, and Ronak Narendra Parikh. Chandalia and Naysar Parikh each paid Rs 5 million, while Ronak Narendra Parikh paid Rs 4.5 million in settlement charges and Rs 898,000 for disgorgement of wrongful gains, including interest. SEBI announced that with the acceptance of the settlement terms and receipt of the settlement amounts, the adjudication proceedings against these individuals are concluded. The settlement was reached without admitting or denying the findings of fact. SEBI had previously initiated proceedings against these individuals for allegedly breaching insider trading regulations. Chandalia was accused of communicating Unpublished Price Sensitive Information (UPSI) regarding PNB Housing Finance. Naysar Parikh and Ronak Narendra Parikh received show cause notices?Parikh for communicating UPSI and Ronak Narendra Parikh for trading based on UPSI. (ET)

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