SEBI disposes of insider trading case against individual in Pantaloon Retail India scrip

live bse live nse live Volume Todays L/H More × Capital markets regulator Sebi on January 24 disposed of a case of alleged insider trading in the scrip of Pantaloon Retail India Limited (PRIL) against an individual. The firm is now known as Future Enterprises Limited Abhishek Jalan was alleged to have violated Prohibition of Insider Trading norms by allegedly trading on NSE in the scrip of PRIL DVR in the futures segment while in possession of unpublished price sensitive information on account of him being part of the senior management of the firm. However, the regulator, from the submissions of Jalan, noted that he had placed a sell order through a web based application provided by his broker and mistakenly selected PRIL futures instead of futures of GMR Infrastructure Limited Upon realising his mistake, he bought the same quantity of PRIL futures on market price to square off the futures position with a time lapse of around 3 minutes. Besides, he incurred a net loss of Rs 350 on account of the transactions. The regulator thus disposed of the proceedings against Abhishek Jalan. Allegations of disclosure lapses were levelled against Lodha and ABL Infrastructure with respect to change in their shareholding in the firm. Surinder Singh Kadyan was alleged to have violated insider trading norms. However, Sebi disposed of the proceedings considering their submissions.