Mumbai: Markets regulator Sebi on Monday slapped a penalty of over Rs 22 crore on Aurobindo promoter P. V. Ramprasad Reddy, his wife P. Suneela Rani and other connected entities for violating insider trading norms.
The order has been issued following a probe into the trading in the scrip of Aurobindo Pharma (APL) during the period from July 2008 to March 2009 to ascertain the regulatory violation.
The probe found that the promoter entities traded in the scrip with prior price sensitive information.
SEBI found that the promoter entities traded in the scrip of APL based on unpublished price sensitive information or UPSI pertaining to the company’s Licensing and Supply Agreements with Pfizer Inc and made “unlawful gains”.
Sebi earlier imposed penalties of Rs 22.7 crore on the company and its promoters for violation of provisions of insider trading in relation to a licensing deal it had entered with Pfizer in 2009.