On Wednesday, The Securities and Exchange Board of India (SEBI) imposed a fine of Rs 3 lakh on Bollywood diva Shilpa Shetty Kundra, her businessman husband Raj Kundra alias Ripu Sudan Kundra and their company Viaan Industries for violation of its Insider Trading rules.
According to the SEBI order, the penalty has been imposed on Raj Kundra, Shilpa Shetty and their company for a delay of three-year in the mandatory disclosure to stock exchanges.
As per the market regulator ;the penalty has to be paid jointly and severally by Kundra and Shetty, who are promoters of Viaan Industries.
As per the SEBI order, “Securities and Exchange Board of India had conducted an investigation into the trading/dealings in the scrip of Viaan Industries Limited (formerly known as Hindustan Safety Glass Industries Limited), during the period September 01, 2013, to December 23, 2015. Pursuant to the investigations, it was observed that Ripu Sudan Kundra, Shilpa Shetty Kundra and Viaan Industries Ltd had allegedly violated the provisions of Regulations 7(2)(a) and 7(2)(b) of SEBI (Prohibition of Insider Trading) Regulations, 2015,”
The rules violated by them are – As per the order issued by SEBI, on October 29, 2015, Viaan Industries Limited made a “preferential allotment of 5,00,000 equity shares to four persons”. “In this preferential allotment, 1,28,800 shares each were allotted to Ripu Sudan and Shilpa Kundra,” the order states.
