Aurobindo Pharma fined Rs 22.7 crore by SEBI for insider trading
The related entities if Aurobindo Pharma was fined Rs 22.7 crore for violating insider trading rules with respect to a licensing deal it had entered with Pfizer in 2009
Mumbai: The Securities Exchange Board of India (SEBI) has imposed penalties of Rs 22.7 crore on Aurobindo Pharma, its related entities and promoters for violating insider trading rules with respect to a licensing deal it had entered with Pfizer in 2009.
The order from SEBI on Monday stated that the penalties were imposed under Section 15G and Section 15HB read with Section 15J of the SEBI Act.
According to the order, a penalty of Rs 5 crore was imposed on PV Ramprasad Reddy, Rs 2 crore on P Suneeta Rani, Rs 10 lakh on Kambam P Reddy, Rs 6 crore on Trident Chemphar Ltd, Rs 10 lakh on Veritaz Health Care Ltd, Rs 7.5 crore on Top Class Capital Markets Pvt Ltd and Rs 2 crore on Aurobindo Pharma Ltd under Section 23E of Securities Contracts (Regulation) Act and Section 15HB of SEBI Act.
The order said that the penalty amount will be paid within 45 days of receipt of this order.