SEBI PENALISES ENTITIES IN 11-YEARS -OLD CASE
Pointing out that as apl faciled to disclose the price senstive information and did not close the trading window for emplyees and directors during the upsi period sebi said it had violated the model code of conduct for prevention of insider trading for listed companies
Sebi in its order stated APL had significat role in determining the period when the UPSI was in existence and enforcing corresponding trading window restriction as will as ensuring that price sensitive in formation did not remain unpublished for along durtion from july 22 2008 when it first arose till march 3 2009 seventy days after the last PSI related to agreement between APL and pfizer had arisen
The absence of timely disclosures by APL apart from being in violation of the stipulation in the listing agreement the PIT regulation 1992 also gave rice to information asymmetry between PSI availble to insiders of the company and ordinary investorys which was exploited by the promoter and related by the APL shares when in possession of the said PSI
Sebi in its order stated APL had significat role in determining the period when the UPSI was in existence and enforcing corresponding trading window restriction as will as ensuring that price sensitive in formation did not remain unpublished for along durtion from july 22 2008 when it first arose till march 3 2009 seventy days after the last PSI related to agreement between APL and pfizer had arisen
The absence of timely disclosures by APL apart from being in violation of the stipulation in the listing agreement the PIT regulation 1992 also gave rice to information asymmetry between PSI availble to insiders of the company and ordinary investorys which was exploited by the promoter and related by the APL shares when in possession of the said PSI
