SEBI Cracksdown on Insider Trading
Wednesday, March 05, 2008
The Securities and Exchange Board of India, the highest regulating authority of the Indian capital market under its new Chairman, C.B.Bhave has started a crackdown operation Insider Trading to expose dirty CEOs and Chairmans in corporate India.The first Axe has fallen on MCX's Jignesh Shah reports LiveMint. Jignesh Shah appears to be under investigation by the market regulator for alleged violation of insider trading regulations, according to a draft offer document filed by MCX with the stock market regulator.
Jignesh Shah owns 45% in Financial Technologies, which was the darling of speculators on exchanges. SEBI is investigating the case since Nov-07 but under C.B.Bhave, it is very unlikely that Jignesh Shah will go unpunished. Incidentally, their are rumors that Jignesh Shah is backed by Mukesh Ambani who also held close to 1% stake in the company in 2004.
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