Capital markets regulator Sebi has sent a notice to an individual asking him to pay Rs 27 lakh in a case pertaining to violation of insider trading norms in the matter of L&T Finance Holdings Ltd.
The notice came after Uday Agarwal failed to pay the fine imposed on him by the Securities and Exchange Board of India (Sebi).
Sebi has directed Agarwal to pay Rs 27.01 lakh, which includes interest, all costs, charges and expenses, within 15 days. In the event of non-payment, it will recover the amount by attaching and selling their moveable and immoveable properties.
He will also face attachment of his bank accounts and arrest, Sebi said in an order passed on Tuesday.
The regulator, through an order passed in November 2021, levied a fine of Rs 25 lakh on Uday Agarwal.
The regulator observed in its investigation that Agarwal being an insider traded in the scrip of L&T Finance Holdings while having possession of unpublished price-sensitive information during trading window closure period, failed to obtain pre-clearance and failed to make disclosures for his trading and further made contra trades.
The Unpublished Price-Sensitive Information (UPSI) pertained to financial results for the period ended June 30, 2018. The period of UPSI was from July 7 to 20, 2018.
