On Wednesday, SEBI imposed a monetary fine on Varun Beverages’ employee for violating the norms of insider trading. The order is owing to the investigation carried out by the market regulator between January 2017- April 2018.
Varun Beverages remained in a dim tone today post the regulator’s decision to impose fines on the company’s employees. It ducked nearly 4% and was trading at Rs888.20 against its previous closing of Rs924.80.
The market regulator, SEBI, identified that Bagga Rajinder Jeet Singh had not complied with the provisions of Prohibition of Insider Trading norms as he failed to make required disclosures regarding the two transactions carried out by him while serving the company.
As the company’s employee, he was required to make certain disclosures to the firm for each of those transaction within a period of two working days.
Disclosure requirements triggered as Singh dealt in transactions for value exceeding Rs10 lakh, However, he failed to disclose the facts to the regulator. Consequently, SEBI imposed a fine of Rs3 lakh on Singh.
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