Sebi bars Biocon official for insider trading for 3 months
An official of Biocon Limited has been barred from accessing the securities market for three months and also levied a fine for contravening insider trading norms of the Securities and Exchange Board of India (Sebi). Sebi said in an order late on Wednesday that Biocon announced information relating to its collaboration with Sandoz and the period of unpublished price sensitive information (UPSI) was from December 20, 2017, to January 18, 2018, according to news agency PTI. Shreehas P Tambe, Biocon's senior vice president, traded in the shares of the company between December 19-27, 2017, in violation of market norms.
Sebi barred Tambe from the securities market for three months and also restrained him from associating himself with any listed public company and any public company which intends to raise money from the public or any intermediary registered with Sebi other than Biocon during this period. Tambe has also been slapped with a fine of ₹200,000 and has to pay the amount within 45 days.
According to PTI, Tambe also failed to make the timely requisite disclosures to Biocon regarding the trade for the sale of shares on December 19 and 20, 2017, where the sell value was more than ₹10 lakh. Tambe should have made the disclosure within two trading days from the date of sale of shares but failed to do so within the prescribed time limit, as part of the mandatory obligation under Prohibition of Insider Trading norms.
(With PTI inputs)