Sebi Locked NDTV Promoters from the Stock Market in Spewing of Illegal Gains

The Securities and Exchange Board of India has barred NDTV promoters, Prannoy Roy and Radhika Roy, from the securities market for two years. The market regulator has also directed them to disgorge illegal gains of more than Rs 16.97 crore. 

The directions follow a probe conducted by SEBI between September 2006 and June 2008 wherein various violations of insider trading regulations were found.

According to a report regarding the issue – “Vikramaditya Chandra, who was the group CEO and executive director during the relevant period, made a profit of Rs 6.67 lakh.

Ishwari Prasad Bajpai, who was senior advisor-editorial and projects, made an illegal gain of Rs 8.82 lakh, while director finance and group CFO Saurav Banerjee incurred a loss of Rs 47,000 while trading in NDTV’s scrip during the UPSI period.

Hence, September 7, 2007, to April 16, 2008, was the UPSI period. Prannoy Roy and Radhika Roy sold shares on April 17, 2008, when the trading window for them was closed and made a profit of Rs 16,97,38,335.

The amount has to be paid jointly or severally by them along with 6 percent interest from April 17, 2008, till the date of actual payment.

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