New Delhi, Sep 30
Market regulator Securities and Exchange Board of India (SEBI) on Tuesday imposed a penalty of Rs 2 lakh on Rahul Sharma, CEO of Swan LNG and designated person of Swan Corp (formerly Swan Energy Limited), for insider trading violations.
SEBI’s investigation found that Sharma carried out trades and contra-trades in Swan Corp shares between September 1 and November 30, 2023, earning unlawful gains of Rs 30.25 lakh.
“During investigation, SEBI observed trades and contra trades by Rahul Sharma (hereinafter referred as ‘Noticee’). Pursuant to the findings of investigation, SEBI initiated adjudication proceedings against the Noticee,” the market regulator said.
Considering the circumstances, SEBI’s adjudicating officer concluded that Sharma violated specific provisions of the PIT Regulations.
SEBI emphasised the importance of strict adherence to insider trading rules and highlighted that senior executives of listed companies are accountable for compliance.