JAL executives fined for insider trading

Securities and Exchange Board of India (SEBI) has imposed penalty totalling Rs. 7000000 on three senior executives of Jaiprakash Associates (JAL), including Executive Chairman Manoj Gaur, and their relatives for involvement in insider trading. Besides Mr. Gaur, his wife and brother, SEBI has named JAL Senior VP (Corporate Affairs) and Company Secretary Harish K. Vaid and his Hindu Undivided Family, as well as the company's wholetime Director S. D. Nailwal. SEBI conducted investigation into the trading in scrips of JAL during the period of September 29-October 27, 2008. It found that Mr. Gaur and others had violated guidelines relating to insider trading by purchasing shares during the period when trading was closed. — PTI