Sebi fines Jindal Steel executives Rs 1 lakh each for insider trading
The Securities and Exchange Board of India fined Ramakant Gupta and Manish Kumar Sowatia, designated persons at Jindal Steel & Power Ltd, for unauthorized trading following the announcement of a quarter-on-quarter profit decline.
Sebi imposed penalties totaling Rs 2 lakh on Ramakant Gupta and Manish Kumar Sowatia, two designated persons at Jindal Steel & Power Ltd. The regulator fined both individuals Rs 1 lakh each for executing trades without pre-clearance during a trading-window closure period. This occurred after the company disclosed its financial results for the quarter ended June 30, 2023. The standalone profit fell 78.87%, and consolidated profit dropped 14.98% compared to the same quarter in the previous year. Jindal Steel released these results on August 11, 2023, after market hours. The stock subsequently closed 5.15% lower than its opening price. Sebi examined trading activity from June 1, 2023, through August 31, 2023. Trading windows remained closed between July 1, 2023, and August 13, 2023. Both Gupta and Sowatia made trades during this restricted timeframe without obtaining the necessary approval.
