SEBI recovered Rs 37 crore from 10 people including Rakesh Jhunjhunwala, know Everything- A total of 10 people, including stock market veteran Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala, got the Securities and Exchange Board of India (SEBI) settled in the Aptech insider trading case by paying a fine of Rs 37 crore. These people have given Rs 37 crore to SEBI as a settlement fee in this case. Please note that this is from the year 2016.
Let us tell you that this case is related to the trading of Rakesh Jhunjhunwala and his family in Aptech shares. All these people were promoters in the education company Aptech. The Securities and Exchange Board of India (SEBI) was probing an alleged allegation that these people used to get unpublished price sensitive information (UPSI). SEBI was probing all kinds of insider trading deals between May and October 2016, Rakesh Jhunjhunwala and others were related to the same case.
What was the matter?
Markets regulator SEBI in a detailed order said that on September 7, 2016, Aptech Limited made an announcement on the stock exchanges after the market closure, titled – ‘Aptech forays into Pre-School Segment’. This information is treated as unpublished price sensitive information (UPSI).
It was alleged that Utpal Seth and Rakesh Jhunjhunwala were already aware of this and had also informed many other applicants about it. SEBI said that on the basis of this information, Rakesh Jhunjhunwala, Rekha Jhunjhunwala, Rajeshkumar Jhunjhunwala, Sushila Devi Gupta, Sudha Gupta and Ushma Seth Sule bought the shares of Aptech during this period.
Rakesh Jhunjhunwala paid so much fine
To settle the matter, Rakesh Jhunjhunwala had to pay Rs 18.5 crore and his wife Rs 3.2 crore. Last month, Rakesh Jhunjhunwala and his family members had appealed that they want to settle the matter of insider trading in Aptech shares. Jhunjhunwala and his family members hold around 49 per cent stake in Aptech.