MUMBAI: Piramal Capital Housing Finance’s MD and his wife, along with another entity, have settled a Sebi investigation over insider trading by paying about Rs 43.5 crore.
According to Sebi’s order, the three entities accrued illegal gains worth nearly Rs 16 crore after buying shares of Piramal Enterprises (holding company) using unpublished price sensitive information.
Of the Rs 42.5-crore, Rs 24.8 crore was disgorgement of unlawful gains and penal interest. The balance was a fine of Rs 17.4 crore on Greatdeal Finconsult Advisors, Rs 91 lakh on Jijina, and Rs 45.5 lakh on his wife Benaifer.
In 2019, Sebi had investigated trading in the stock price of Piramal Enterprises between April 2018 and May 2019. Sebi’s prove found that in June 2018, Greatdeal Finconsult, managed by Benaifer Jijina, had availed of a Rs 212.5 crore loan from Piramal Welfare Trust. The money was used to buy 8.5 lakh shares of Piramal Enterprises. While Sebi’s adjudication process was on, a settlement proposal was made by the three entities which was accepted by the regulator’s authorised panel, the regulatory order said.