Settlement Order in respect of Ms. Pratibha K Advani in the matter of NIIT Technologies Ltd.

Last updated: 20 November 2020

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Quick Summary

This settlement order concerns Ms. Pratibha K Advani, former CFO of NIIT Technologies Ltd., and alleged violations of insider trading regulations. An investigation revealed that Ms. Advani sold shares during a period when she possessed unpublished price-sensitive information regarding a significant dispute involving a subsidiary. This action allegedly allowed her to avoid a loss of Rs. 13,69,500/-.

Court :
SEBI

Brief :
Ms. Pratibha Khandelwal Advani (hereinafter referred to as the “applicant”) filed a settlement application 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 enforcement proceeding initiated vide Show Cause Notice bearing No. EFD1/DRA4/SPV/VY/OW/P/17756/1/2019 dated July 12, 2019 for the alleged violation of Section 12A(d) and 12A(e) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the “SEBI Act”) and Regulation 3(i) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as the “PIT Regulations, 1992”) read with Regulation 12 of the SEBI (Prohibition of Insider Trading) Regulations, 2015 (hereinafter referred to as the “PIT Regulations, 2015”) by the applicant. A supplementary Show Cause Notice bearing No. SEBI/HO/EFD1/DRA4/AA/YR/OW/12858/1/2020 dated August 06, 2020 was also issued to the applicant under Section 11(4A) and 11B(2) of the SEBI Act.

Citation :
SO / EFD-2/ SD /358/ NOVEMBER / 2020

Daily Limit Reached