Sebi dismisses charge against ITC executive
ITC executive had been under the scanner for trading in the scrip of the company by entering into opposite transactions.
New Delhi: Markets regulator Sebi today disposed of a specific charge against an ITC executive who had been under the scanner for trading in the scrip of the company by entering into opposite transactions.
An examination conducted by Sebi during January to March 2013 found that Gautam Anand, Vice-President of ITC Hotel Division, had sold 493 shares of the company by executing an opposite transaction within six months of his previous transaction.
According to Sebi norms, opposite transactions refer to selling or buying any number of shares during the next six months following a transaction. In its latest order, the Securities and Exchange Board of India (Sebi) found that Anand was adequately penalised by ITC for his lapses, apart from payment of Rs 2,521 as penalty to the company.
Besides, it noted that he has also undergone debarment from buying or selling the shares of the company for a period of six months. "I am, therefore, of the view that the penalty imposed by the company on the noticee (Gautam Anand) is commensurate with the violations committed by him," Sebi's Adjudicating officer Suresh B Menon said.
"There is nothing on record to indicate that the notice has indulged in any market manipulation or made wrongful gain or caused any wrongful loss to others due to his trading in the shares of the company during the examination period."