Sebi fines Biocon, its designated person for violating market norms
Markets regulator Sebi on Wednesday imposed a total fine of Rs 14 lakh on Biocon Ltd and its designated person for violation of market norms. Designated person of the firm, Narendra Chirmule, who was employed with the company as senior vice president-R&D is facing a fine of Rs 5 lakh for trading in the company's securities when the trading window was closed. By doing so, he violated provisions of Prohibition of Insider Trading (PIT) norms. Sebi noted that the trading window was closed by the compliance officer of Biocon from January 1-26, 2019 on account of declaration of quarterly financial results of the company for the quarter ended December 31, 2018, which were announced on January 24, 2019. In accordance with market norms, the company has to notify the particulars of the trading details of the promoter / member of the promoter group /designated person /director, if the value of the securities traded is in excess of Rs 10 lakh, to the stock exchange within 2 trading days of...19-05-2021
