SEBI adjudicates insider trading by Jindal Steel & Power Limited employees

SEBI examined whether these individuals traded in the company's securities during a closed trading window and without required pre-clearance.

Who it concerns: Mr. Ramakant Gupta, Mr. Manish Kumar Sowatia, Jindal Steel & Power Limited

What SEBI found or ordered

• SEBI alleged violations of Regulation 9(1) read with clauses 4 and 6 of the SEBI (Prohibition of Insider Trading) Regulations, 2015.
• SEBI found that the trading window was closed from July 01, 2023, to August 13, 2023.
• SEBI alleged that the noticees traded in the company's scrip and options during this closed window period.
• SEBI alleged that the noticees traded in excess of 1,000 shares or Rs. 1,00,000 in value without obtaining pre-clearance from the company.
• The order cites specific trade dates between June 2023 and August 2023 involving both equity and option instruments.

Also in the document

• The order is an adjudication proceeding under Section 15-I of the SEBI Act, 1992.
• The investigation period covered June 01, 2023, to August 31, 2023.
• The company disclosed a 78.87% decrease in standalone profit for the quarter ended June 30, 2023, which triggered the trading window closure.