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Edelweiss is investigating the role of authorized persons in the Broking Insider Trading case

Edelweiss is investigating the role of authorized persons in the Broking Insider Trading case
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Edelweiss is investigating the role of authorized persons in the Broking Insider Trading case

Edelweiss is investigating the role of authorized persons in the Broking Insider Trading case

New Delhi, Aug 13 (PTI) Edelweiss Broking on Friday said it is investigating the role of an official involved in alleged insider trading in shares of Zee Entertainment Enterprises Limited (GEEL).

Edelweiss Broking said in a statement that “the matter is being investigated and appropriate action will be taken against the relevant authorities (AP) for the misconduct.”

Significantly, capital market regulator SEBI on Thursday banned 15 entities, including Edelweiss officials, from trading in the capital market as Zee Entertainment Enterprises Ltd.

The Securities and Exchange Board of India (SEBI) also added Rs 23.84 crore misappropriated by some institutions.

The regulator observed that affiliated or related entities were buying shares of Zee Entertainment Limited in the cash and derivatives segment. After the first quarter results of the financial year 2019-20, they made a good profit by buying and selling shares.

When contacted by a representative of Edelweiss Broking, he said, “Edelweiss Broking is investigating the role of authorized persons involved in the alleged insider trading in the shares of Zee Entertainment Limited.”

The representative said, “Amit Jaju is the AP (authorized person) of Edelweiss Broking Limited and is out of Mumbai. Manish Jaju is an employee of Edelweiss Broking Limited’s official Riteish Kumar Jaju. Both have no connection with Edelweiss Securities. Not there.”

Amit and Manish made a massive purchase in Zee’s shares after receiving undisclosed confidential information as per the SEBI order. For this he used the accounts of several members of his family.

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