Sanjay Dhingra, the ex-promoter of Kwality Limited, a dairy firm, has been instructed to surrender profits exceeding Rs 2.12 crore earned through insider trading. Found to be in breach of the Prohibition of Insider Trading (PIT) Regulations, Dhingra, who served as both promoter and managing director (MD), has also been levied a fine of Rs 5 lakh and barred from the securities market for a six-month period starting from the date of the order.
The Securities and Exchange Board of India (SEBI) issued this directive on May 14. Additionally, Dhingra is required to pay a penalty of 10 percent per annum from July 24, 2018, until the actual date of payment, along with the disgorged profits.
