Capital markets regulator SEBI on Thursday disposed of show-cause notices issued against 22 individuals as the allegation of violation of insider trading rules was not established in Titan Company Ltd (TCL) case. The order came after the Securities Appellate Tribunal (SAT) in its ruling on February 7 had set aside SEBI's order against 22 individuals for violating insider trading norms in the shares of TCL and directed the regulator to pass a fresh order.
In its latest order, SEBI said the 22 individuals (noticees) were "not designated employees" of the company and therefore, were not obligated to make disclosures under the PIT (Prohibition of Insider Trading) norms. Therefore, the adjudication proceedings against the noticees initiated through show-cause notices dated August 9, 2021 stand disposed of without imposition of any penalty, it said. In the matter, SEBI had initiated adjudication proceedings against the individuals for alleged violation of PIT norms in the scrip of Titan during the period April 2018 to March 2019.