Sebi Clamps Down on Videocon's Insider Trading Scandal

The Securities and Exchange Board of India (Sebi) has initiated the attachment of bank accounts and securities of Venugopal Dhoot and Electroparts (India) to recover Rs 68.5 lakh dues linked to insider trading in Videocon Industries' shares. The action follows failed payment notices from the regulator.

The Securities and Exchange Board of India (Sebi) has ordered the seizure of bank accounts, shares, and mutual fund holdings belonging to Venugopal Dhoot and Electroparts (India). This move aims to recover dues totaling Rs 68.5 lakh linked to insider trading activities within Videocon Industries.

Earlier, on September 30, Sebi notified Videocon Industries' promoter entity, Electroparts (India) Pvt Ltd, and its CEO, Venugopal Dhoot, to clear pending dues within 15 days. However, their failure to comply led to the current attachment order.

The unpaid dues stem from insider trading infractions involving Videocon Industries in 2017, where Dhoot and other entities traded shares based on Unpublished Price Sensitive Information. Sebi's investigation uncovered these violations during the period from March to May of that year.

(With inputs from agencies.)