Sebi slaps Rs 30 crore fine on PVP Global Ventures, its director

Market regulator Sebi today slapped a fine of over Rs 300000000 on PVP Global Ventures and its promoter and director Prasad V Potluri for allegedly indulging in insider trading and not complying with disclosure norms.The Securities and Exchange Board of India (Sebi), in its order, has imposed a penalty of Rs 15.150000000 each on PVP Global Ventures (formerly known as PVP Energy) and Potluri.PVP Global Ventures, a wholly owned subsidiary of PVP Ventures, and Potluri (who is also Chairman and Managing Director of PVP Ventures) indulged in insider trading activities.It was alleged that Potluri had traded in the scrip of PVP Ventures on behalf of PVP Global Ventures, while in possession of Unpublished Price Sensitive Information (UPSI) pertaining to negative financial results.PVP Global Ventures failed to make disclosure regarding sale of more than two% stake in PVP Ventures to the company and stock exchanges within two days of transaction , thereby violating SAST (Substantial Acquisition of Shares and Takeovers) Regulation.Potluri, in charge and responsible for the conduct of PVP Global Ventures, failed to get the company to make disclosure regarding the transaction.