Business Desk, Amar Ujala, New Delhi
Published by: Deepak Chaturvedi
Updated Mon, 24 Jan 2022 05:24 PM IST
Rama Bijapurkar On ICICI Bank Insider Trading: Rama Bijapurkar, former director of ICICI Bank, one of the largest private sector banks in the country, has been caught in the allegations of insider trading. The stock exchange has been informed on behalf of the bank that Bijapurkar had resigned from the bank last week. The bank has informed the stock market that Rama Bijapurkar had bought 4900 shares of the bank on 5 January.
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Two lakh fine was also imposed
ICICI Bank has informed the stock exchange that Rama Bijapurkar had bought 4900 shares of the bank on 5 January. These shares were bought when the insider trading window was closed. The bank has said that Bijapurkar has been fined Rs 2,00,000 for this reason. In a letter to the stock exchange, the bank said that the independent financial advisor of the bank had bought 4,900 shares of ICICI Bank without prior knowledge even after the closing of the trading window. The audit committee of ICICI Bank was informed about this. Following Bijapurkar’s admission, it was concluded that insider trading is prohibited under SEBI regulations and Bijapurkar has violated the ban.
Bijapurkar defended himself in this way
It is worth noting that when a person associated with the management of a company makes profit by buying or selling shares on the basis of inside information of the company, then it is kept in the category of insider trading. Rama Bijapurkar, while giving a statement in his defence, said that it was an unintentional mistake. According to a report released in this regard, he said that it was an unintentional mistake, after coming to know about it, I had told it completely in front of the company. He said that “I confirm that I am complying with all the requirements relating thereto. The purchase of shares of the lender against the rules was due to an inadvertent error.