SEBI Confirms Ban On 5 Persons In Zee Entertainment Insider Trading Case

SEBI has confirmed its ban on 5 individuals for insider buying and selling in Zee Entertainment's scrip

Market Regulator Securities and Exchange Board of India (SEBI) on Monday confirmed its earlier directive handed towards 5 individuals whereby they have been barred from the securities marketplace for indulging in insider buying and selling within the scrip of Zee Entertainment Enterprises Limited. 

"Bijal Shah, Gopal Ritolia, Jatin Chawla, Gomti Devi Ritolia and Daljit Chawla are restrained from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever until further orders," SEBI mentioned in its 43-page confirmatory order.

However, they've been allowed to purchase and promote models of mutual funds.

The regulator mentioned an in depth investigation within the matter is in progress which can deliver out extra roles of omission or fee, of those 5 individuals, if any, intimately.

The market regulator will move a separate order after giving a possibility of listening to to the opposite entities who will not be coated within the interim order however towards whom the interim order has been handed.

The newest route comes after the watchdog, by way of an interim in August, barred 15 entities, together with these 5 people, from the securities markets for indulging in insider buying and selling within the shares of Zee.

The regulator had discovered {that a} group of related or associated entities had taken lengthy place within the shares within the money and derivatives segments.

Following the announcement of first quarter outcomes of FY 2020, the entities had squared off the lengthy positions and generated big income.