Poonawalla Fincorp-Insider Trading From Jan mid to Feb.10 (date of)announcement of controlling acquisition by Poonawalla arm in Magma Fincorp: Rs 42 to Rs 94 (+124%) SEBI-MD and 7 others accused of taking huge position in share before the announcement of deal. SEBI bars them from buying, selling or dealing in securities Ordered to square off/close any open position in any exchange-traded derivative contracts within three months. SEBI received system generated insider trading alerts in February 10th Feb acquisition was announced, 9th March board approved. Poonawala Group owns 59.92% stake in erst-while Magma Fincorp as Promoter. Company Response: MD denies allegations and has not received any financial benefit. Says will take legal action Total recovery of illegal gain of Rs 13.58 Cr to be made from the accused ppl. The entities will have to open an escrow account and deposit the ordered amount within 15 days of the order. Key Public Shareholders Nippon Life India 2.37% Amansa Holdings 2.7% Bank Muscat Fund 1.37% Complete SEBI PDF 30.5K viewsedited 02:25
