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HUL’s Independent Director fined under insider trading regulations

HUL's Independent Director fined under insider trading regulations

Chennai, Jan 19 (SocialNews.XYZ) Fast-moving consumer goods (FMCG) major Hindustan Unilever Ltd on Thursday said a fine of Rs 9 lakh has been levied on its Independent Director, Dr Ashish Gupta, for breach of SEBI (Prohibition of Insider Trading) Regulations, 2015 (PIT Regulations) and the former's Share Dealing Code.

 

In a regulatory filing, Hindustan Unilever said it had noticed an inadvertent trade by one of the designated person - Gupta.

The company said the Portfolio Management Services of Gupta's wife Nita Goyal, had traded in its shares on her behalf without her prior approval/intimation.

The company said Goyal had confirmed that she was not in possession of any Unpublished Price Sensitive Information (UPSI).

The Share Dealing Code Compliance Committee, formed under the Share Dealing Code and the Audit Committee of the company, were informed and notified on the above-mentioned inadvertent trade.

Based on the facts placed by Gupta, it was understood that it was an inadvertent trade made without any intent to violate the provisions of SEBI (Prohibition of Insider Trading) Regulations, 2015 (PIT Regulations) and the Code of the Company.

However, due to the breach of the Code and PIT Regulations, SDC Compliance Committee has imposed a monetary penalty of Rs 9 lakh on Gupta.

The said amount shall be transferred to SEBI Investor Protection and Education Fund Account as per the provisions of PIT Regulations.

Source: IANS

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HUL's Independent Director fined under insider trading regulations

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