ZEEL Insider Trading Case: This case is related to insider trading in ZEEL shares.
ZEEL Insider Trading Case: Market regulator Securities and Exchange Board of India (SEBI) has banned three people from the stock market for two years in a case related to insider trading in the shares of Zee Entertainment Enterprises Limited (ZEEL). .
SEBI has also imposed a fine of Rs 90 lakh on the banned Bijal Shah, Gopal Ritolia and Jatin Chawla.
He has been asked to pay the fine within 45 days.
In its order issued on Friday, the market regulator has also directed Ritolia and Chawla to return the illegally earned amount of Rs 7.52 crore and Rs 2.09 crore respectively along with interest.
The case pertains to insider trading in shares of ZEEL.
Sebi said in a statement that Bijal Shah, the then head of financial planning and analysis, strategy and investor relations at ZEEL, had access to unpublished sensitive information.
He gave this information to Ritolia and Chawla, using which both of them made a profit of Rs 7.52 crore and Rs 2.09 crore respectively.
According to SEBI, Shah was not held responsible for insider trading but played a key role in passing sensitive information to Ritolia and Chawla, which led to violation of relevant regulations.