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Sep 01, 2018

SEBI Order in the matter of In Re Insider Trading in the Scrip Of Multi Commodity Exchange of India Limited

On August 29, 2018, SEBI passed an order[1] (‘Order’) against Mr. Hariharan Vaidyalingam (‘Respondent’) who had traded in the scrip of Multi Commodity Exchange of India Limited (‘MCX’) while in possession of certain information considered to be price sensitive by SEBI. By way of the Order, SEBI disposed of an interim order passed against the Respondent on August 2, 2017 which inter alia directed the impounding of losses averted by the Respondent while dealing in shares of MCX, given that the Respondent had not actually made a profit or averted a loss pursuant to such trading. However, SEBI did clarify that as to the charge of insider trading, it is irrelevant whether the person indulging in insider trading made a profit/ averted a loss, and therefore directed that the Respondent be restrained from accessing the securities market and be prohibited from buying, selling or otherwise dealing in securities either directly or indirectly for a period of seven years from the date of the Order.

[1] SEBI Order No. WTM/MPB/EFD-DRA-3/33/2018.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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