Sebi fines ex-FTIL vice-president Naisadh Desai Rs 12 lakh for violating insider trading norms

Markets regulator Sebi Tuesday imposed a fine of Rs 1200000 on Naisadh P Desai, former senior vice-president of Financial Technologies India Limited ( FTIL ), for violating insidertrading norms.As per Sebi's order, Desai was senior vice-president and company secretary of FTIL from March 2008 to September 2013.The regulator conducted a probe into the trading of scrip of FTIL, now known as 63 Moons Technologies Limited during the period from April 2012 to July 2013.Pursuant to the investigation, Sebi observed that Desai bought and sold 12,000 shares of FTIL during the probe period without obtaining pre-clearance of trades in accordance with model code of conduct under PIT (Prevention of Insider Trading ) norms.Under the model code of conduct, all directors, officers, designated employees of the company and their dependents who intend to deal in the securities of the firm should pre-clear the transaction."Therefore, being an officer of a listed company, an obligation was cast upon him (Desai) under the Sebi PIT Regulations to obtain pre-clearance in respect of his trades in the scrip of the company," Sebinoted.By failing to obtain pre-clearance, Desai violated the model code of conduct under PIT regulations and hence is liable for monetary penalty, the Securities and Exchange Board of India (Sebi) said while imposing a penalty on Desai... of SAST (Substantial Acquisition of Shares and Takeovers) Regulation," Sebi said.