Sebi: Sebi levies fine on Titan’s employee for disclosure lapses

New Delhi: Markets regulator Sebi on Friday imposed financial penalty on an worker of Firm Ltd for disclosure lapses, in violation of insider buying and selling norms. The order follows an investigation carried out between April 2018-March 2019.

The regulator had obtained a letter from Titan whereby the corporate intimated about violation of Prevention of Insider Buying and selling (PIT) rules and the corporate’s code of conduct for the prevention of insider buying and selling by a few of its designated individuals/staff.

Subsequently, the regulator carried out an investigation within the scrip of Titan and noticed a number of non-compliances with PIT Rules in the course of the interval April 2018-March 2019 by staff and designated individuals together with one Marimuthu Manivannan.

Whereas in employment of Titan, Manivannan had transacted in securities of Titan on calendar quarters ended June 30, 2018 and September 30, 2018.

For the transactions, he was required to make disclosures to Titan below PIT norms.

Nonetheless, he failed to take action and violated PIT norms on two events.

Consequently, Sebi has levied a high-quality of Rs 1 lakh on him.