The settlement terms also include voluntary debarment from the securities market for six months and he would also have to return ₹55.3 lakhs along with interest.
The case relates to Adani Green Energy issuing over two crore shares to IHC on a preferential basis and informing stock exchanges about the transaction on April 8, 2022. Following the announcement, the share price of Adani Green Energy went up 7% to close at ₹2321.85 on April 8, 2022.
Sebi said the corporate announcement by Adani Green Energy relates to change in capital structure and was an unpublished price sensitive information (UPSI).
The press release issued by the company was also alleged to have been applicable to other Adani group companies including Adani Enterprises and Adani Transmission, the regulator said.
“The applicant (Bhatia), on account of being the managing director and chief executive officer of a subsidiary of IHC, was allegedly a ‘connected person’…and an ‘insider’…by way of frequent communication with officials of Adani Green Energy. It is alleged that the applicant received UPSI from two insiders by way of email dated April 2, 2022 and April 4, 2022, respectively,” Sebi said in its settlement order.
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