Sebi slaps Rs 1.50 lakh on director of DFM Foods
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Market regulator Sebi has imposed a total penalty of Rs 1.50 lakh on one of the directors of DFM Foods Ltd for allegedly violating disclosure and insider trading norms.
Sebi has imposed a penalty of Rs 50,000 on Mohit Satyanand for not making necessary disclosures and slapped another Rs 1 lakh for violating Model Code of Conduct for Prevention of Insider Trading for Listed Companies.
The regulator in its order dated November 29 said that it is imposing a total penalty of Rs 1.50 lakh on Satyanand, "which is commensurate with the violations committed by him ".
Sebi had found that Satyanand had purchased 4,209 shares of DFM Foods amounting to nearly Rs 5.26 lakh on February 9, 2011.
The regulator also observed that Satyanand had sold 5,000 shares of the company worth Rs 14.09 lakh on October 14, 2011.
However, he had failed to make necessary disclosures to the BSE as required under the norms.
Further, Satyanand had violated Code of Conduct for Prevention of Insider Trading for listed companies which prohibit directors/officers/designated employees who buy or sell any number of shares of the company from entering into an opposite transaction -- selling or buying shares during the next six months following the prior transaction.
Satyanand had allegedly indulged in opposite transactions in shares of the company within less than six months on many occasions, Sebi said.