STOCK MARKET BSE NSE

SEBI disposes of proceedings against 2 entities in Zee Entertainment insider trading case

The entities had allegedly traded in the scrip of Zee Entertainment while in possession of unpublished price sensitive information.

Published: 28th August 2021 11:34 AM  |   Last Updated: 28th August 2021 11:34 AM   |  A+A-

Zee Entertainment Enterprises Ltd MD Punit Goenka

Zee Entertainment Enterprises Ltd MD Punit Goenka

By PTI

NEW DELHI: Markets regulator SEBI on Friday disposed of proceedings against E-City Hi-Tech Projects LLP and an individual in a matter pertaining to alleged insider trading in the scrip of Zee Entertainment Enterprises Ltd.

E-City Hi-Tech Projects LLP is part of the Essel Group while Atul Goel is also one of the promoters of the group. They were alleged to have violated Prohibition of Insider Trading (PIT) norms.

SEBI had initiated an investigation to ascertain whether certain persons or entities had traded in the scrip of Zee Entertainment while they were in possession of information regarding some steps taken by Essel Group of which Zee Entertainment is a part.

The entities had allegedly traded in the scrip of Zee Entertainment while in possession of unpublished price sensitive information (UPSI). However, SEBI in an order said, "It can be held that the impugned trades were not executed on the basis of UPSI by the Noticees but on the basis of an oft-used trading strategy."

Noticees refer to E-City Hi-Tech Projects LLP and Atul Goel.

In light of the conclusions, SEBI further held that "in facts and circumstances of the extant matter, the allegation in the present form against the Noticees with respect to the violation of provisions of PIT Regulations and SEBI Act...does not stand established," it added.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp