SEBI slaps 5-year ban on former TFL director

MUMBAI OCT. 15. The Securities and Exchange Board of India has barred the former Tata Finance Limited (TFL) director, J. E. Talaulicar, from dealing in the capital market for five years, as he was found guilty of violating SEBI's insider trading norms. "Based on study of facts and circumstances of the case and the argument put forward by Mr. Talaulicar, it has been concluded that Mr. Talaulicar was an insider and that he dealt in the equity shares of TFL on the basis of unpublished price sensitive information,'' SEBI whole-time member, T. M. Nagarajan, said in his order today. "While the obviously unethical conduct of Talaulicar in acquiescing in transfer of Nishkalp Investment and Trading Company Limited s (NITCL) funds to the brokers for his benefit is a matter outside the scope of SEBI's norms, Mr. Talaulicar violated the provisions of Insider Trading Regulations,'' he said. Mr. Talaulicar has been, therefore, directed by SEBI to dissociate himself from the capital market and not to deal in securities for five years. The SEBI had ordered a preliminary investigation into allegations of insider trading on August 28, 2001. — PTI