Piramal Enterprise Penalised by Sebi for Tax Violation

MUMBAI: The Securities and Exchange Board of India (Sebi) penalised Piramal Enterprises, its Chairman Ajay G Piramal, Vice-Chairperson Swati A Piramal and three others for failing to handle the price-sensitive information related to the sale of its domestic health care business to Abbott. The regulator imposed a fine of Rs 6 lakh on all the five for violating insider-trading rules.

Sebi during its probe found that entities failed to handle the Unpublished Price Sensitive Information of the above transaction on a "need to know" basis as Anand Piramal, who was neither an employee nor a director, was privy to the decision at every stage and thus violated the said norms.