Bharti Airtel parent, SEBI settle case

Bharti Airtel’s promoter firm Indian Continent Investment has settled an alleged insider trading case after paying ₹2.1700000 towards settlement charges to SEBI. It had acquired 26.580000000 shares constituting 7% stake in the company in the period July 2007 to December 2010. As a result, Indian Continent Investment’s shareholding in Bharti Airtel crossed 5% on April 29, 2008, requiring it to make necessary disclosures under PIT (Prohibition of Insider Trading) Regulations. It was alleged that the promoter failed to make such disclosure, prompting SEBI to initiate a probe. In a settlement order passed on Wednesday, SEBI said it is disposing of “the adjudication proceedings initiated against the noticee (Indian Continent Investment).