Raj Kundra, Shilpa Shetty In Trouble As SEBI Slaps ₹3 lakh Fine For Insider Trading

Securities Exchange Board of India (SEBI) has imposed a ₹3 lakh fine on Raj Kundra, Shilpa Shetty, & Viaan Industries for disclosure lapses and violation of insider trading norms stated under the SEBI guidelines.

By Harkirpal Singh, Updated : Jul 29, 2021 10:19 IST
Raj Kundra, Shilpa Shetty In Trouble As SEBI Slaps ₹3 lakh Fine For Insider Trading
SEBI VS Raj Kundra & Shilpa Shetty

Raj Kundra & Shilpa Shetty In Trouble: Hungama 2 actress Shilpa Shetty & her husband Raj Kundra have been in news for the last few days owing to their connection with illegal porn streaming. The businessman husband of the Bollywood actress has been arrested and is in judicial custody for making obscene movies for the mobile application.

While his bail has been rejected and he will be in judicial custody for some time, the couple is in discussion over another issue. Now, it is reported that on July 28, the market regulator SEBI has imposed a fine on both. Reportedly, Viaan Industries Limited, Shilpa Shetty Kundra, and Raj Kundra have been charged with a Rs 3 lakh fine for the lapse in disclosure and violation of insider trading norms stated under SEBI guidelines

They have been jointly and severally fined. The notice mentions Viaan Industries, Shilpa Shetty Kundra, and Ripu Sudan Kundra, also known as Raj Kundra.

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Viaan Industries Limited, which is named after the son of Shilpa Shetty and Raj Kundra, is jointly promoted by both. The order comes after an investigation conducted by the authorities between September 2013-December 2015 for violation of Prohibition of Insider Trading (PIT) norms. As per reports, in October 2015, Viaan Industries made a preferential allotment of Rs. 5 lakh to four individuals and 1,28,800 lakh shares each, equivalent to Rs 2.57 crore each, allotted to Raj Kundra and Shilpa Shetty. He was required to make the required deposit on time as the transaction exceeded Rs. 10 lakh in value.

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"It is on record that the applicable exposures under the PIT Regulations were made by the notification with a postponement of over three years," stated SEBI. "Therefore, considering these facts and circumstances, I am of the view that this case deserves to impose a monetary penalty on the notices," Adjudicating Officer Suresh B Menon said in an order. 

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