The Securities and Exchange Board of India, or SEBI, has barred NDTV promoters Prannoy Roy and Radhika Roy from the securities market for two years, PTI reported on Saturday. The market regulator has also told them to pay over Rs 16.97 crore made through insider trading between 2006 and 2008.
“SEBI noted that Prannoy Roy and Radhika Roy together made a gain of Rs 16.97 crore while indulging in insider trading” in NDTV shares, the news agency reported. “Prannoy Roy and Radhika Roy sold shares on April 17, 2008, when the trading window for them was closed and made a profit of Rs 16,97,38,335.”
Some NDTV executives apart from the promoter couple also made “illegal gains”, PTI reported. Vikramaditya Chandra, then the group CEO, made a profit of Rs 6.67 lakh while Ishwari Prasad Bajpai, then senior advisor for editorial and projects, “made illegal gains of Rs 8.82 lakh”. Saurav Banerjee, director finance and group CFO, on the other hand, incurred a loss of Rs 47,000 while trading in NDTV scrip.
The media must be free and fair, uninfluenced by corporate or state interests. That's why you, the public, need to pay to keep news free. Support independent media by subscribing to Newslaundry today.
Newslaundry is a reader-supported, ad-free, independent news outlet based out of New Delhi. Support their journalism, here.
