SEBI alleges insider trading by Divi's Labs' CFO, imposes ₹96 lakh fine
The market regulator alleged that Divi's, a city-based pharma company had made an announcement on July 10, 2017, during market hours that USFDA would lift import alert 99-32 on the company's unit-II at Visakhapatnam, which was price- sensitive information.
Kishore Babu who is in a key managerial position allegedly had access to the information even before the announcement was made public, the market regulator said.
G Mahalingam, wholetime director of SEBI, who issued the orders said the persons or entities mentioned may file their replies to the regulator within 30 days from the date of receipt of this order.
They may also indicate in their replies whether they wish to avail an opportunity of personal hearing in the matter. GDK SS