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Abhay Bhutada, the then managing director and chief executive officer (CEO) of Poonawalla Finance Pvt Ltd had passed on unpublished price sensitive information (UPSI) about the Company to Mr Pawar, who then traded directly or indirectly, in the scrip of Magma.
Markets regulator Sebi on Thursday revoked a securities market ban imposed on six entities in a case of alleged insider trading in the shares of Poonawalla Fincorp Ltd, earlier known as Magma Fincorp Ltd.
Passing a 62-page confirmatory order, the regulator said the eight entities are now barred from buying, selling or dealing in securities of PFL till further orders, , sebi, adar poonawalla
Passing a 62-page confirmatory order, the regulator said the eight entities are now barred from buying, selling or dealing in securities of PFL till further orders.
The alleged insider trading predates to early this year when Adar Poonawalla had publicly disclosed his intent to acquire a controlling stake in the erstwhile Magma Fincorp, now Poonawalla Fincorp