Sebi bans 3 people for 2 yrs; fines Rs 90 lakh in ZEEL insider trading case
Sebi has barred three individuals from the securities market for two years and imposed penalty totalling Rs 90 lakh on them in a case pertaining to insider trading activities in the scrip of Zee Entertainment Enterprises Ltd (ZEEL).
The three individuals banned by the regulator -- Bijal Shah, Gopal Ritolia and Jatin Chawla -- have also been directed to pay the fine within 45 days.
In addition, Ritolia and Chawla have been directed to disgorge illegal gains to the tune of Rs 7.52 crore and Rs 2.09 crore respectively along with interest, the regulator said in its 152-page final order on Friday.
The case relates to insider trading activities by certain entities in the scrip of ZEEL, while in possession of unpublished price sensitive information (UPSI) pertaining to audited financial results of the media company for the quarter ended June 30, 2020 as well as launch of ZEEPLEX by the company on September 1, 2020.
Bijal Shah, who was head of the financial planning and analysis, strategy