R Venkattesh, HR head, and Ravi Kumar Vadlamani, head of operations & key projects at DCB Bank, disgorged Rs 11.35 lakh and Rs 5.26, respectively, as loss avoided along with interest to Sebi.
The regulator had conducted an investigation in respect of insider trading activities of certain entities in the shares of DCB Bank for the period September 19, 2015 to October 13, 2015.
Sebi observed during the investigation that DCB on October 13,2015 announced to the stock exchanges that it plans to add over 150 branches to its already existing 160 branches. The said information was considered as unpublished price sensitive information (UPSI) and the period of UPSI was September 19, 2015 to October 13, 2015.
“The applicants (Mr. Venkattesh & Mr Vadlamani) who are insiders had traded in the scrip of DCB during the UPSI period,” Sebi said in its settlement order.
