The Telegraph
 
 
IN TODAY'S PAPER
CITY NEWSLINES
 
 
ARCHIVES
Since 1st March, 1999
 
THE TELEGRAPH
 
 
Email This Page
Sebi finds Talaulicar guilty

Mumbai, Oct. 15: The Securities and Exchange Board of India (Sebi) has barred former Tata Finance Ltd (TFL) director Jaivant Esvonta Talaulicar from dealing in capital market for five years as he was found guilty of violating insider trading norms.

“Based on the study of facts and circumstances of the case and the argument put forward by Talaulicar, it has been concluded that Talaulicar was an insider and that he dealt in the equity shares of TFL on the basis of unpublished price-sensitive information,” Sebi whole-time member T. M. Nagarajan said in the late night order issued today.

“While the obviously unethical conduct of Talaulicar in acquiescing in transfer of Nishkalp Investment and Trading Company Ltd’s (NITCLl) funds to the brokers for his benefit is a matter outside the scope of Sebi’s norms, Talaulicar violated the provisions of insider trading regulations,” he said.

Talaulicar has been, therefore, directed by Sebi to dissociate himself from the capital market and not to deal in securities for a period of five years.

Sebi had ordered a preliminary investigation into allegations of insider trading on August 28, 2001. Talaulicar had stepped down from the board of TFL and has since retired.

This is the first time that the capital market regulator has punished a former official of a leading industrial house. Earlier, the managing director of ABS Industries was punished for a similar offence, but the size of the company was relatively small.

Top
Email This Page