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SEBI revokes interim order against Poonwalla Fincorp MD Abhay Bhutada In an interim order dated September 15, 2021, the market regulator had barred Bhutada and seven other entities over allegedly passing unpublished price sensitive information (UPSI) and insider trading. Market regulator SEBI on Friday revoked an interim order passed against Abhay Bhutada, Managing Director of Poonawalla Fincorp (formerly Magma Fincorp) with immediate effect. In an interim order dated September 15, 2021, the market regulator had barred Bhutada and seven other entities from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever, over allegedly passing unpublished price sensitive information (UPSI) and insider trading. "Pursuant to the SEBIâs detailed investigation in the matter, it was found that Abhay Bhutada had not communicated Unpublished Price Sensitive Information (UPSI), and hence the interim and confirmatory orders stand revoked vide order dated 3 June 2022," the company informed the stock exchanges. Source: Business Today #livenews #bln #blnnetwork #businesslivenews #BusinessNews #businesslive #Sebi #poonwallafincorp
SEBI revokes interim order against Poonwalla Fincorp MD Abhay Bhutada In an interim order dated September 15, 2021, the market regulator had barred Bhutada and seven other entities over allegedly passing unpublished price sensitive information (UPSI) and insider trading. Market regulator SEBI on Friday revoked an interim order passed against Abhay Bhutada, Managing Director of Poonawalla Fincorp (formerly Magma Fincorp) with immediate effect. In an interim order dated September 15, 2021, the market regulator had barred Bhutada and seven other entities from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever, over allegedly passing unpublished price sensitive information (UPSI) and insider trading. "Pursuant to the SEBIâs detailed investigation in the matter, it was found that Abhay Bhutada had not communicated Unpublished Price Sensitive Information (UPSI), and hence the interim and confirmatory orders stand revoked vide order dated 3 June 2022," the company informed the stock exchanges. Source: Business Today #livenews #bln #blnnetwork #businesslivenews #BusinessNews #businesslive #Sebi #poonwallafincorp
Breaking One for Poonawalla FincorpđĨđĨđĨ Follow @everyinfotips The Securities and Exchange Board of India (Sebi) on Wednesday barred Abhay Bhutada the MD and CEO of Poonawalla Finance and seven others from accessing the securities market for allegedly insider trading in shares of Poonawalla Fincorpâformerly known as Magma Fincorp. The regulator also impounded ill-gotten gains of Rs 13.6 crore. Sebiâs surveillance alert system detected suspicious trading patterns in the shares of Magma Fincorp ahead of the acquisition of a controlling stake by Adar Poonawalla-led Rising Sun Holding (RSHPL) in February 2021. An analysis done by Sebi showed that a group of connected entities had taken long positions in Magma and later squared off their positions, generating substantial profits. After Magma made a preferential allotment of Rs 3,456 crore to the Poonawalla Group, its scrip hit upper circuit for seven straight trading sessions. #stockmarketlab #stockmarketindia #stockmarket #nifty #bse #bs #learning #learn #earrings #earnmoney #earn #money #profit #loss #marketing #market #stock #stockmarketnews #bears #bull #future #options #trading #tradingstocks #trade #trader
