A preliminary examination by Sebi revealed that Magma had made an announcement on February 10, 2021 on stock exchanges regarding the acquisition of controlling stake by Poonawalla Group in Magma.
Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs10 lakh on Abhijit Pawar (noticee) for indulging in insider trading in Magma Fincorp Ltd, now known as Poonawalla Fincorp Ltd. SEBI found Abhay Bhutada, the then managing director and chief executive officer (CEO) of Poonawalla Finance Pvt Ltd had passed on unpublished price sensitive information (UPSI) about the Company to Mr Pawar, who then traded directly or indirectly, in the scrip of Magma.
Market regulator Securities and Exchange Board of India (SEBI) has barred Abhay Bhutada, managing director (MD) and chief executive officer (CEO) of Poonawalla Fincorp (erstwhile Magma Fincorp)
Poonawalla Fincorp MD & CEO Abhay Bhutada Resigns After SEBI Bars Him and 7 Others For Insider Trading in Magma Fincorp moneylife.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneylife.in Daily Mail and Mail on Sunday newspapers.