Settlement Order in respect Mr. Praveen Lingamneni and 7 others in the matter of Divis Laboratories Ltd

Last updated: 29 October 2020

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Quick Summary

This settlement order concerns eight individuals, including Praveen Lingamneni, who applied to resolve proceedings initiated by the Securities and Exchange Board of India (SEBI). The proceedings related to alleged violations of insider trading regulations concerning Divis Laboratories Ltd. The individuals are accused of trading the company's shares while in possession of Unpublished Price Sensitive Information (UPSI) regarding a USFDA import alert. They have settled these allegations without admitting or denying the findings.

Court :
SEBI

Brief :
Eight applicants (referred to above and hereinafter referred to as the “applicants”) filed settlement applications in terms of the SEBI (Settlement Proceedings) Regulations, 2018 (hereinafter referred to as the “Settlement Regulations”) proposing to settle, without admitting or denying the findings of fact and conclusions of law, through a settlement order, the pending proceedings initiated against the applicants under Sections 11(1), 11(4), 11B(1), 11B(2) and 11(4A) of the SEBI Act, 1992 vide impounding order cum Show Cause Notice dated July 01, 2020, for the violation of Regulations 3(1), 4(1) of the (Prohibition of Insider Trading) Regulations, 2015, Regulation 7(2) (a) read with Regulation 6(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015 and Clause 6 of the Minimum Standards for Code of Conduct as specified in Schedule B read with Regulation 9(1) of the SEBI (PIT) Regulations, 2015.

Citation :
SO / EFD-2 / SD /356/ OCTOBER / 2020

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