Rakesh Jhunjhunwala and his wife Rekha paid Rs 18.5 crore and Rs 3.2 crore, respectively. The Rs 37-crore settlement amount includes disgorgement of gains and interest charges.
Utpal Sheth, CEO of Jhunjhunwala’s asset management firm Rare Enterprises, and his sister Ushma Sheth Sule have also settled the insider trading complaint. Utpal Sheth is a director of Aptech.
The probe relates to an Aptech filing with stock exchanges on September 7, 2016, announcing the company's entry into the preschool segment.
"The said information was considered Unpublished Price Sensitive Information (UPSI) and the period of UPSI was March 14, 2016, to September 7, 2016," Sebi said in its settlement order on Wednesday. "It is alleged that Utpal Sheth and Rakesh Jhunjhunwala were in possession of the UPSI and communicated it to the other applicants."