Insider Trading Case Settled by Three Individuals with SEBI

Three people—Sidhant Chandalia, Naysar Parikh, and Ronak Narendra Parikh—settled insider trading allegations with SEBI by collectively paying Rs 1.56 crore. The settlement pertains to trading activities in PNB Housing Finance Ltd scrip. The proceedings were resolved without any admission of guilt from the involved parties.

Three individuals on Tuesday settled with capital markets regulator SEBI a case involving alleged insider trading in the scrip of PNB Housing Finance Ltd by collectively paying Rs 1.56 crore.

The individuals involved are Sidhant Chandalia, Naysar Parikh, and Ronak Narendra Parikh, according to two separate orders issued by SEBI.

Sidhant Chandalia and Naysar Parikh each paid Rs 50.7 lakh as part of the settlement, while Ronak Narendra Parikh remitted Rs 45.5 lakh for the settlement and Rs 8.98 lakh towards disgorgement with interest.

SEBI stated, ''With the acceptance of settlement terms and receipt of the settlement amount... the adjudication proceedings against the Noticee(s) initiated via SCN (Show Cause Notice)...are disposed of.''

This resolution follows applications filed by the three with SEBI seeking to settle the proceedings without admitting or denying any factual findings.

SEBI had started adjudication against the three for the alleged violation of its Prohibition of Insider Trading (PIT) rules during trading activities in the PNB Housing Finance scrip.

A show cause notice was issued to Chandalia for sharing Unpublished Price Sensitive Information (UPSI) related to PNB Housing Finance, and to Naysar and Ronak Narendra Parikh for their respective roles.

(With inputs from agencies.)