3 ex-employees used to do insider trading in Titan, SEBI fined

Markets regulator SEBI has fined three ex-employees for breach of insider trading norms while dealing in shares of Titan Company Ltd.

The Securities and Exchange Board of India (Sebi) in three separate orders issued on Friday announced the imposition of a fine of Rs 1 lakh each on GS Saravanan, Ashiq MP and V L George. All three people were employees of Titan between April 2018 and March 2019.

SEBI had probed complaints of insider trading rules violations during the trading of Titan shares during this period. In this investigation, it was found that these people did not follow the rules.

These people had transacted Titan’s shares while being an employee of Titan. In this regard, he did not even make the necessary disclosure as per the rules of SEBI. If found guilty of violating the rules, they have been fined.