Sebi fines AstraZeneca Pharma, 3 ex-officials Rs 4 lakh - (Business Standard via NewsPoints Desk)

  • The Securities and Exchange Board of India (Sebi) on Wednesday imposed a total penalty of 4 lakh Indian rupees on AstraZeneca Pharma India and its three former senior officials for not complying with insider trading norms, as reported Business Standard.

  • The officials are former managing director Lars Walan and former secretary/compliance officers Supriya Kumar Guha and Pawan Singhal.

  • According to a Sebi order, the model code of conduct for prevention of insider trading that was mandated to be framed and adopted under the amendment dated February 20, 2002 to the Prevention of Insider Trading (PIT) regulations was adopted by AstraZeneca Pharma India on February 24, 2004.

  • AstraZeneca Pharma India, Walan and Guha "failed to frame, adopt and implement the code of conduct" as specified in PIT regulations untill February 24, 2004 and violated the same, Sebi said.

  • Meanwhile, on March 1, 2014, the company had informed the exchanges that its board of directors received a communication from its promoter AstraZeneca Pharmaceuticals AB Sweden proposing to make a voluntary delisting offer to the public shareholders of the company.

  • Sebi said that the non-closure of the trading window on March 3, 2014, as March 1 and March 2, 2014 were trading holidays, was in gross violation of the model code of conduct.

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