“The proposed proceedings to be initiated for the default …be settled qua the applicant (Vaidya),” the Securities and Exchange Board of India (Sebi) said.
Also, Sebi will not initiate an enforcement action against him for the default.
In its order, Sebi said it had conducted an investigation in the matter of Solara Active Pharma Services and during the probe, it was noted that Deepak Calian Vaidya had bought and sold 10,000 shares of the company in two separate off-market transactions with Spiracca Ventures Ltd on June 27, 2018, and July 2, 2018, respectively, which aggregated to a total value of Rs 25.17 lakh and Rs 25.28 lakh, respectively.
The same were required to be disclosed by the applicant to the company within two trading days under PIT (Prohibition of Insider Trading) Regulations. However, these were allegedly disclosed with a delay, the order mentioned.
In view of the same, Sebi decided to issue a ‘notice of summary settlement’ on February 2, 2021, to the applicant, intimating that if the applicant so desired, the proceedings (to be initiated), may be settled upon filing of a settlement application.
Subsequently, an application for settlement was filed and the applicant remitted Rs 6.03 lakh as settlement amount on February 20, 2021.
