Sebi has barred Lashit Sanghvi, co-founder of Alchemy Capital Management, and his wife Neha Lashit Sanghvi, from accessing the securities market for a period of one year for alleged insider trading in shares of Aptech.
The case pertains to insider trading in shares of Aptech by Sanghvis on tip by late Rakesh Jhunjhunwala, who was Non-Executive Chairman and promoter of Aptech during the investigation period. Lashit Sanghvi and Jhunjhunwala were among co-founders at Alchemy Capital Management.
Sebi said Sanghvis are also restrained from buying, selling or otherwise dealing in the securities of Aptech, directly or indirectly in any manner whatsoever for a period of two years from the date.
The two would disgorge the amount of notional profits of Rs 49,87,276.05 and Rs 49,84,885.90, respectively, along with simple interest of 9 per cent per annum from September 07, 2016 till the date of actual payment, Sebi said.
“The aforesaid amounts along with interest shall be remitted to Investor Protection and Education Fund (IPEF) as referred to in Section 11(5) of the SEBI Act, 1992, within 45 (forty five) days from the date of this order and intimation may be forwarded to “Division Chief,
Enforcement Department-1, DRA-4, Securities and Exchange Board of India, SEBI Bhavan, Plot No. C4-A, “G” Block, Bandra Kurla Complex, Bandra (E), Mumbai-400051,” Sebi said.
Besides, the two are asked to pay penalties of Rs 15,000,00 (Latish) and Rs 10,000,00 (Neha).
Sebi said the Sanghvis have been directed to provide a full inventory of all assets held, individually or jointly, whether movable or immovable, or any interest or investment or charge on any of such assets, including details of all bank accounts, Demat accounts and mutual fund investments, within 15 days from the date of receipt of this order.
A phone call was observed to have been made by Lashit Sanghvi to Jhunjhunwala on August 16, 2016 during the UPSI period. The transactions in the shares of Aptech were executed on August 19, 2016 and September 07, 2016.
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