Sebi on Friday revoked an order passed against Abhay Bhutada, MD and CEO of Poonawalla Finance (formerly Magma Fincorp).
In an interim order dated September 15, 2021, Sebi had barred Bhutada and seven others for allegedly passing unpublished price sensitive information (UPSI) and insider trading.
“In the interim order, it was observed that Bhutada had not traded in the scrip of the company. However, Bhutada was suspected of communicating UPSI to certain entities who were alleged to have directly/indirectly traded in the scrip of Magma.
Sebi conducted a detailed investigation in the matter, to ascertain the violations of securities laws, if any.
Pursuant to the investigation, it was found that Bhutada had not communicated to UPSI,” Sebi said in an order. Sebi, however, said proceedings against other entities are still ongoing.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.