SEBI Imposes Penalty On Rakesh Jhunjhunwala And Family Members In Shar – Rakesh Jhunjhunwala has been fined Rs 18.5 crore by SEBI
As per SEBI order, Rakesh Jhunjhunwala will have to pay Rs 18.5 crore and his wife Rs 3.2 crore as fine.
New Delhi. The Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 37 crore on ten people including stock market expert and one of India’s top investors Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala. The case pertains to insider trading of shares of education company Aptech. All these people were promoters in Aptech.
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this is the case
SEBI had received a complaint stating that promoters used to get unpublished price sensitive information (UPSI) based on which they used to trade shares. SEBI was probing all insider trading deals that took place between May and October 2016.
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SEBI, after examining these allegations, found that Utpal Seth and Rakesh Jhunjhunwala were already aware of the action taking place in Aptech. He also informed many other applicants and on the basis of this information Rakesh Jhunjhunwala, Rekha Jhunjhunwala, Rajeshkumar Jhunjhunwala, Sushila Devi Gupta, Sudha Gupta and Ushma Seth Sule bought the shares of Aptech.
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To settle the entire matter, Rakesh Jhunjhunwala appealed to SEBI saying that he wants to settle the insider trading case of Aptech shares. On this SEBI ordered to impose a fine of Rs 37 crore on him. As per the order of SEBI, Rakesh Jhunjhunwala will have to pay Rs 18.5 crore and his wife Rs 3.2 crore as fine, orders have been given to recover the remaining amount from others.
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