Share market King Jhunjhunwala, and 9 others settle insider trading case

Rakesh Jhunjhunwala, the country’s largest investor in the stock market, and nine others have entered into a settlement with SEBI in the matter of insider trading in Aptech Shares. Under this, these people have paid Rs 37 crore as settlement charge.

In this, Rakesh Jhunjhunwala has paid the highest settlement charge of Rs 18.48 crore while his wife Rekha Jhunjhunwala has paid Rs 3.19 crore. Rakesh’s brother Rajesh Jhunjhunwala paid Rs 2.46 crore, sister Sudha Gupta Rs 1.02 crore, mother-in-law Sushila Gupta Rs 1.63 crore and Ramesh Damani Rs 6.21 crore. The insider trading case at Aptech is 5 years old.

Rakesh Jhunjhunwala is accused of insider trading in Aptech shares between May and October 2016. SEBI was probing the same matter. Jhunjhunwala and his family hold 49% stake in Aptech. It is the only company in his portfolio of hundreds of shares in which he has an ownership stake. He had bought shares in this company for the first time in 2005 at a price of Rs 56. On Thursday, the stock was trading at Rs 257 with an increase of 5.50%. At present, the value of his Aptech shares is Rs 421 crore.

What is insider trending

Insider trading means buying or selling of shares based on secret information related to the company. Do you have a stake in that company or you are associated with that company? You have information on the basis of which you cannot buy or sell shares. The regulator of the stock market is SEBI. Rakesh Jhunjhunwala is called the Warren Buffet of India. They are the biggest investors in the market.

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