SEBI Imposes Penalties and Market Restrictions on SecureKloud Technologies Promoters Over Insider Trading Allegations
Securities and Exchange Board of India (SEBI) has issued a decision imposing monetary penalties and restricting market access for promoters of SECUREKLOUD TECHNOLOGIES LIMITED, following findings related to insider trading allegations. The Quasi-Judicial Authority (QJA) ordered measures against two principal promoters in connection with the company's compliance history.The Order found that Noticee No. 1 and Noticee No. 2 violated provisions of Section 12A(d) and (e) of the SEBI Act, as well as Regulation 4(1) of the PIT Regulations. The proceedings pertained to allegations surrounding insider trading linked to the company's financial reporting practices.
The consequences ordered by SEBI for the concerned promoters are detailed below:
| Noticee No. | Name of the Noticee | Period of Debarment | Penalty under Section 15G (Amount in Rs.) |
|---|---|---|---|
| 1 | Mr. Suresh Venkatachari | 2 years | 10 Lac (Rupees Ten Lacs Only) |
| 2 | Mr. R S Ramani | 2 years | 10 Lac (Rupees Ten Lacs Only) |
The QJA order prohibits Noticee No. 1 and Noticee No. 2 from accessing the securities market or engaging in any trading activity concerning the company’s securities for a period of two years, commencing after the expiration of the restraint period set by the Final Order dated December 16, 2022.
The investigation focused on transactions undertaken during the alleged Unpublished Price Sensitive Information (UPSI) period, which was determined to range from April 01, 2017, to November 03, 2019. The findings established that the trades conducted by Noticee No. 1 and Noticee No. 2 were in contravention of the SEBI Act and PIT Regulations.
In contrast, the allegation against Noticee No. 3, Mr. M V Bhaskar, has been disposed of without any specific direction.
SECURKLOUD Stock Price Movement
On Friday, SECUREKLOUD TECHNOLOGIES LIMITED shares surged to close at ₹18.07, after rising 4.51% from the previous session's closing price. The equity traded with a volume of 8,583 shares, finishing within the day’s range which extended between ₹17.05 and ₹18.6.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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