Capital markets regulator Sebi on Monday levied monetary fines on two employees of Titan Company Ltd for violating insider trading norms.
The two employees facing fine of Rs 1 lakh each are Dheeraj Kumar and G Manigandan.
A probe was initiated by the regulator after Titan intimated it about contravention of Prohibition of Insider Trading (PIT) regulations and the company’s code of conduct for prevention of insider trading by some of its designated persons/employees.
Dheeraj Kumar and G Manigandan had transacted in securities of Titan while in the employment of the company but failed to make requisite disclosures, Sebi noted in two separate orders.
They traded in the scrip of Titan with the total value of transactions in excess of Rs 10 lakh.
Disclosure requirements were triggered because of traded value in excess of Rs 10 lakh, as specified in the PIT Regulations.
Being employees of the company, they were required to make disclosures to Titan for each of the transactions within 2 working days.
However, they failed to do so.
They violated the regulation on two occasions, Sebi said.