SEBI bars Prannoy and Radhika Roy for 'insider trading', NDTV appeals
NDTV promoters Prannoy Roy and Radhika Roy have been barred from the securities market for two years by the Securities and Exchange Board of India for alleged insider trading.
FollowNDTV promoters Prannoy Roy and Radhika Roy have been barred from the securities market for two years by the Securities and Exchange Board of India for alleged insider trading.
The duo was found to have reportedly violated Prohibition of Insider Trading Regulations.
In three separate orders, SEBI directed Prannoy Roy and Radhika Roy to return back the illegal gains of over Rs 16.97 crore earned from insider trading.
The amount has to be paid jointly or severally by them along with 6 per cent interest from April 17, 2008, till the date of actual payment.
Speakig on behalf of Prannoy and Radhika Roy, DMD Advocates Senior Partner Fereshte Sethna said that the SEBI order on "insider trading" is based on an inaccurate assessment of facts and will not withstand scrutiny in appeal. The appeal will be filed immediately.
Besides Pranoy and Radhika, former NDTV CEO Vikramaditya Chandra, senior advisor Ishwari Prasad Bajpai, group CFO Saurav Banerjee also have been found guilty of insider trading.
The names came to the fore after a probe conducted by SEBI between September 2006 and June 2008 in which it had found several violations of insider trading.
Prannoy Roy was the chairman and whole time director and Radhika Roy was the managing director during period under investigation and were part of the decision making chain that had led to crystallization of the Unpublished Price Sensitive information.
SEBI report notes that then group CEO and executive director Vikramaditya Chandra made a profit of Rs 6.67 lakh, then senior advisor-editorial and projects Ishwari Prasad Bajpai made illegal gain of Rs 8.82 lakh while trading in NDTV's scrip during the UPSI period.
