Punit Goenka, chief executive officer at Zee Entertainment Enterprises Ltd., settled an insider trading case with the markets regulator by paying Rs 50 lakh.
All proceedings against him have been disposed of and no further enforcement actions shall be initiated against him for the violation, according to the order of the Securities and Exchange Board of India.
Goenka was accused of violating the provisions of the insider trading regulations between September 2019 and December 2020 for failing to identify the launch of ZEEPLEX, a pay-per-view service as price-sensitive, according to the regulator.
Being the managing director and CEO, he was expected to put in place adequate mechanisms to identify the information as price sensitive, SEBI said.
On receiving a show-cause notice from SEBI, Goenka decided to file a settlement application. The SEBI Advisory Committee, after reviewing the application, determined that Rs 50 lakh was an adequate settlement amount, which Goenka paid on April 3.
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