Mumbai: The SEBI (Securities and Exchange Board of India) imposed a fine of Rs 3 lakh on Shilpa Shetty Kundra, her businessman husband Raj Kundra alias Ripu Sudan Kundra and their company Viaan Industries for isolation of its insider trading rules. The trio have been fined for a three-year delay in the disclosure of an allotment of preferential shares.
According to the SEBIs Prohibition of Insider Trading Rules, 2015, the promoters had to disclose this transaction to the company within two days if it exceeds Rs 10 lakh in value. The company, in turn, has to relay this disclosure to the stock exchanges within two trading days.
The market regulator said the penalty has to be paid jointly and severally by Kundra and Shetty, who are promoters of Viaan Industries. As per their records, the transaction value of Kundra and Shetty’s shares was Rs 2.57 crore each.
“Securities and Exchange Board of India had conducted an investigation into the trading/dealings in the script of Viaan Industries Limited (formerly known as Hindustan Safety Glass Industries Limited), during the period September 01, 2013, to December 23, 2015. Pursuant to the investigations, it was observed that Ripu Sudan Kundra, Shilpa Shetty Kundra and Viaan Industries Ltd had allegedly violated the provisions of Regulations 7(2)(a) and 7(2)(b) of SEBI (Prohibition of Insider Trading) Regulations, the order issued read.
Kundra was arrested on 19 July alleged to be the key conspirator in the pornography racket. On Monday, the Bombay HC adjourned the hearing on Kundra’s bail till Thursday and took him into 14-day judicial custody.
Read About: Pornography Case: Magistrate Court Rejects Bail to Raj Kundra; No Clean Chit to Shilpa Shetty