Samir Arora, former chief investment officer of Alliance Capital Management, today appeared for a hearing before Securities and Exchange Board of India (Sebi) wholetime board member T M Nagarajan. The closed-door hearing is said to have lasted over 90 minutes.
Arora was barred from dealing in securities for alleged insider trading.
Arora was with his counsel Aspi Chenoy. "No future date has been given for a hearing as of now," Chenoy told reporters. He said Doijode and Phatarphekar Associates made the brief for the case.
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On August 9, the market regulator had barred Arora from dealing in securities, directly or indirectly, till further orders for alleged insider trading and non-disclosure of investments.
In its order, Sebi said, based on investigations, there was a prima facie case of insider trading, non-disclosure and wrong disclosure under Sebi regulations by Arora.
Apart from this, Arora's arrangement with Henderson Global Investors for the purchase of the stake of Alliance Capital Management ACM, ACAML, was in conflict with his interest as a fund manager of AMF.
It is also alleged that Arora tried to create panic in the market with his announcement that he would quit the fund. Redemptions crossed Rs 1,300 crore from Alliance schemes in two months.
Arora quit Alliance Capital to join the Rana Talwar-promoted Sabre Capital Worldwide in setting up a domestic mutual fund.