Regulations
SEBI holds Reliance Petroinvestments not guilty of insider trading
Chennai : Markets regulator Securities and Exchange Board of India (SEBI) on Tuesday finally held that Reliance Petroinvestments Ltd is not guilty of insider trading in respect of Indian Petrochemicals Corporation Ltd (IPCL).
 
In his order, adjudicating officer Suresh Gupta, disposing off the proceedings against Reliance Petroinvestments, held that the company was not in possession of any unpublished price sensitive information (UPSI) and did not violate any regulations.
 
He also said Reliance Petroinvestments is not liable to any monetary penalty, thus bringing down the curtains on the nearly nine year old insider trading case.
 
However Gupta did not buy Reliance Petroinvestments' arguments that the IPCL and itself are not under the same management of Reliance Industries Ltd (RIL) as the latter exercised more than one-third voting power in both the companies.
 
The IPCL was merged with RIL after it was acquired by the latter.
 
The markets regulator in May 2013 found Reliance Petroinvestments guilty of insider trading and levied a penalty of Rs.11 crore.
 
SEBI said the company had made a profit of Rs.3.82 crore.
 
On appeal, the Securites Appellate Tribunal (SAT) in December 2015, set aside SEBI's 2013 order and ordered the latter to take a relook at the case and decide within three months.
 
Consdering the issues afresh, Gupta in his order said "... in the absence of any evidence by the Investigating Authority to establish the access of UPSI to the noticee (Reliance Petroinvestments), it can be concluded that the noticee did not have access to UPSI while trading in the scrip of IPCL.
 
"Hence, it can be concluded that the noticee and RIL are not 'insider' as alleged in the SCN (show cause notice)..."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

V ganesan

9 months ago

I am sure vijay mallya case also buried after sometime.Rules and regulations and law and order are only for common man not applicabe to big politicians and big industrialists and filmstars or sports person.Because of thise people every common man is suffering.One fine day the general public will burst that these people cannot withstand.

No NGT stay on AoL event

New Delhi : The National Green Tribunal (NGT) on Wednesday did not stay spiritual guru Sri Sri Ravi Shankar's Art of Living's World Culture Festival on the Yamuna floodplains but slapped an initial fine of Rs.5 crore on it.

 

Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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TRAI extends date for call drop compensation report
New Delhi : The telecom regulator has extended the date of submission of call drops compensation compliance report for the service providers to March 14, according to industry sources.
 
“TRAI has extended compliance report submission to March 14,” the source said.
 
The telecom service providers on March 7 requested the Telecom Regulatory Authority of India (TRAI) not to enforce its order on call drops compensation from Monday, as the matter will be heard by the apex court on March 10.
 
In a joint letter to the TRAI on March 7, the Cellular Operators' Association of India (COAI) and Association of Unified Telecom Service Providers of India (AUSPI) said: "Please note that the Supreme Court has directed the matters to be listed on March 10, 2016 for final disposal."
 
"In view of the above and since the aforesaid matters are sub-judice before the court, we request you to keep your letter dated March 2, 2016 in abeyance," it added.
 
The TRAI had given the telecom service providers time till March 7 to submit a compliance report regarding compensating customers for call drops.
 
The Supreme Court on March 4 refused to pass any interim order on compensations for call drop as it will hold a hearing on March 10 on a plea by the associations of telecom operators challenging the regulator's decision.
 
The COAI and the AUSPI had earlier challenged the TRAI's October 16, 2015, decision making it mandatory for telecom companies to compensate subscribers from January 1, 2016.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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