Sebi bans Poonawalla Fincorp MD 7 others in insider trading case

Sebi bans Poonawalla Fincorp MD 7 others in insider trading case

New Delhi, Sep 15 (PTI) The Securities and Exchange Board of India (SEBI) has barred Poonawalla Fincorp’s Managing Director Abhay Bhutada and seven other entities from trading in the securities market. These entities have been banned for insider trading in the shares of the company. Earlier the name of this company was Magma Fincorp.

Apart from this, in the interim order issued by the regulator, it has also been directed to forfeit the wrongful earned money of Rs 13 crore.

In February 2021, the regulator’s system received insider trading alerts regarding the company’s shares. At the same time Rising Sun Holding Pvt Ltd, a unit of Poonawalla Group. It also announced the acquisition of a controlling stake in Magma Corp. After this alert, SEBI had investigated the matter.

Apart from Bhutada, restrictions have been imposed on Saumil Shah, Surbhi Kishore Shah, Amit Agarwal, Murlidhar Bagranglal Agarwal, Rakesh Rajendra Bhojgadhia, Rakesh Rajendra Bhojgadhia HUF and Abhijit Pawar.

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