Mumbai: In nearly two-year old insider trading case in shares of IT major Wipro, SEBI Wednesday slapped a penalty of Rs 5 lakh on a senior executive of the IT major at that time.
The Securities and Exchange Board of India (SEBI) found that Rajat Mathur, one of the designated employees of Wipro had violated insider trading norms.
"... The fact remains that by not making the required disclosures, the noticee (Rajat Mathur) had deprived the investors of important information at the relevant time.
"It is also noted that there are three instances of such violation committed by the noticee and hence the violation is repetitive in nature," SEBI said in its order.
In commensurate with the violation, the regulator has imposed a penalty of Rs 5 lakh on him.
The watchdog had looked into the individual's trading activities in Wipro shares from November 29 to December 3, 2012.
According to the order, Mathur "is occupying the position of geography head who is responsible for sales and building country operations across Asia Pacific, Africa and Latin America.
"By virtue of the position held by the noticee, it can be said beyond doubt that the noticee is holding a senior position of responsibility and that he has the authority to give directions to other employees of the company," it added.
