SEBI had conducted a probe with regard to the various price sensitive disclosures made by Suzlon between 3rd November and 2nd December 2009. The investigations revealed that Bakshi had indulged in opposite transactions in Suzlon shares
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has disposed off a case against a senior official of Suzlon Energy after he paid Rs6.80 lakh as settlement in the matter related to alleged violations of insider trading norms in 2009, reports PTI.
SEBI had initiated adjudication proceedings against the company’s vice-president for purchase (Nacelle) Manoj Bakshi for indulging in opposite transactions in Suzlon’s shares.
As per the norms, designated employees who trade in company shares are not allowed to enter into an opposite transaction—sell or buy shares during the next 30 days or six months following the prior transaction.
In its order dated 17th January, SEBI said “this consent order disposes of the aforesaid adjudication proceedings initiated against Manoj Bakshi”.
The matter relates to a SEBI probe with regard to the various price sensitive disclosures made by Suzlon between 3rd November 2009 and 2nd December 2009.
The investigations revealed that Bakshi had frequently traded in the shares of Suzlon.
During the proceedings, Bakshi proposed to settle the charges against him under SEBI’s consent order mechanism.
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