Regulator SEBI has retrained an official of Biocon Ltd. From accessing the securities market for three months & levied monetary penalty for contravening insider trading norms. Biocon had declared information regarding its collaboration with Sandoz & the period of unpublished price sensitive information (UPSI) from December 20, 2017, to January 18, 2018. Shreehas P. Tambe, Senior Vice President of Biocon although an insider trading in the shares of the firm between 19 & 27 December 2017, violated the market norms. Tambe failed to make the timely requisite disclosures to Biocon about the trade for sales of shares on December 19 & 20, 2017, the sell valuation was more than Rs.10 lakh. Under the prohibition of Insider Trading norms, Tambe was required to make this disclosure within two trading days from the date of sale of shares but he failed to do so in the stipulated time period. Tambe falsely declared that he does not own UPSI during the time of applying for pre-clearance of trades from a compliance officer. For violation of market norms, Tambe is barred by SEBI from the securities market & restrained from associating with any listed public company & any company that intends to raise money from public or intermediary registered with SEBI other than Biocon for a period of three months. A fine of Rs.2 lakh is charged on Tambe to be paid in 45 days.
Source: Money control