INSUBCONTINENT EXCLUSIVE:
SEBI mentioned that the amount must be paid within 45 days.New Delhi: Market regulator SEBI on Tuesday issued a collective penalty of Rs 75
lakh on Videocon's Venugopal Dhoot and two other entities for insider trading
The Securities and Exchange Board of India imposed a fine of Rs 25 lakh each on Mr Dhoot, Electroparts India Pvt Ltd and Videocon Realty and
Infrastructures Ltd respectively.Electroparts India was previously named as Shree Dhoot Trading and Agencies.The regulator mentioned that
the amount must be paid within 45 days.SEBI said it had received two complaints -- dated June 16, 2017 and October 13, 2017 -- alleging
price fall of the Videocon Industries (VIL) shares
Later, the market regulator had requested National Stock Exchange (NSE) to carry out examination in the scrip of VIL.Based on the NSE
report, SEBI had started an investigation and observed prima facie violations of rules relating to insider trading.As per SEBI's
investigation, VIL had taken various loans and advances from 41 banks to the tune of Rs 23,070 crore and almost all the lenders had
classified loan account of the company as NPA (non-performing assets).The regulator further noted that Mr Dhoot was the insider who traded
on behalf of the other two entities -- Electroparts and Videocon Realty And Infra -- during the unpublished price sensitive information
stock exchanges and introduction of silver Exchange Traded Funds or ETFs.The SEBI Board also cleared a proposal to amend de-listing
framework after an open offer
It will help to make the mergers and acquisitions (M-A) process more easier.Also Read: SEBI's Rules For Gold Exchange, Silver ETFs - Other
