The regulator had received a letter from Titan wherein the company intimated about violation of Prevention of Insider Trading (PIT) regulations and the company’s code of conduct for the prevention of insider trading by some of its designated persons/employees.
Subsequently, the regulator conducted an investigation in the scrip of Titan and observed several non-compliances with PIT Regulations during the period April 2018-March 2019 by employees and designated persons including one Marimuthu Manivannan.
While in employment of Titan, Manivannan had transacted in securities of Titan on calendar quarters ended June 30, 2018 and September 30, 2018.
For the transactions, he was required to make disclosures to Titan under PIT norms.
However, he failed to do so and violated PIT norms on two occasions.
Consequently, Sebi has levied a fine of Rs 1 lakh on him.