Mumbai, July 1 The SEBI has barred Biocon Biologics Deputy CEO Shreehas P. Tambe from the securities market for a period of three months over insider trading.
The capital market regulator has also imposed a total penalty of Rs 2 lakh on him.
The SEBI order said that Biocon had announced information relating to its collaboration with Sandoz and the period of unpublished price sensitive information (UPSI) was from December 20, 2017 to January 18, 2018.
It is alleged that the information related to the collaboration of Biocon with Sandoz on next-generation Biosimilars is material and before it was published on the website of the Exchanges, was UPSI in terms of regulation 2 (1)(n)(vi) of PIT Regulations.
Tambe who was Senior Vice President at Biocon during the period concerned, had, being an insider, sold 17,440 shares of Biocon during the period December 19, 2017 to December 27, 2017 while in possession of UPSI. Thus, it is alleged he had engaged in insider trading in the scrip of Biocon.
Further, he also allegedly failed to make the timely requisite disclosures to Biocon when he had sold shares, whose value exceeded Rs 10 lakh, on December 19-20, 2017.
"Shreehas P. Tambe shall not buy, sell or otherwise deal in the securities market in any manner whatsoever or access the securities market, directly or indirectly, for a period of three months from the date of this order," the order said.
Further, Tambe is also restrained from associating himself with any listed public company and any public company which intends to raise money from the public or any intermediary registered with SEBI other than Biocon for a period of three months from the date of this order.
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