SEBI Fines Shilpa Shetty, Raj Kundra Rs 3 Lakh For Violating Insider Trading Rules

As per the SEBI order, the fine has been imposed on Kundra, Shetty and their company for a delay of three-year in the mandatory disclosure to stock exchanges.

The Securities and Exchange Board of India (SEBI) on Wednesday imposed a penalty of Rs 3 lakh on Hungama 2 actor Shilpa Shetty Kundra, her businessman husband Raj Kundra alias Ripu Sudan Kundra and their company Viaan Industries for violation of its Insider Trading rules. As per the SEBI order, the fine has been imposed on Kundra, Shetty and their company for a delay of three-year in the mandatory disclosure to stock exchanges. The market regulator said the penalty has to be paid jointly and severally by Kundra and Shetty, who are promoters of Viaan Industries. "Securities and Exchange Board of India had conducted an investigation into the trading/dealings in the scrip of Viaan Industries Limited (formerly known as Hindustan Safety Glass Industries Limited), during the period September 01, 2013, to December 23, 2015. Pursuant to the investigations, it was observed that Ripu Sudan Kundra, Shilpa Shetty Kundra and Viaan Industries Ltd had allegedly violated the provisions of Regulations 7(2)(a) and 7(2)(b) of SEBI (Prohibition of Insider Trading) Regulations, 2015," SEBI order said. The SEBI order noted that in 2015, Viaan Industries made a preferential allotment of 5 lakh equity shares to four persons and in the said preferential allotment, the company allotted 128,800 equity shares each to its two promoters--Kundra and Shetty.