PB Fintech Ltd. Chairperson and Chief Executive Officer Yashish Dahiya on Tuesday settled a case with markets regulator SEBI over alleged violation of insider trading rules on payment of Rs 9.42 lakh.
The order came after Dahiya filed an application with SEBI proposing to settle the instant proceedings initiated against him, "without admitting or denying the facts and conclusions of law", under the settlement rules.
Consequently, he remitted Rs 9.42 lakh as settlement amount.
"In view of the acceptance of the settlement terms and the receipt of settlement amount as above by SEBI, the adjudication proceedings initiated against applicant vide SCN (show cause notice) dated April 5, 2024 is disposed of in terms of ... the Settlement Regulations," the regulator said in its order.
In the show cause notice, SEBI alleged that the applicant failed to identify acquisition of 26.72% shares of YKNP Marketing Management by PB Fintech.
It was further alleged that PBFL, through its subsidiary PB Fintech FZ-LLC., had access to unpublished price-sensitive information in violation of SEBI's Prohibition of Insider Trading Regulations, leading to accusations of insider trading.
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