The market regulator, Securities and Exchange Board of India (Sebi) has levied a fine of Rs 5 lakh on a senior official of Satyam Computer Services for not closing the trading window in time.
G Jayaraman, compliance officer of the company allegedly failed to close the trading window during the announcement of acquisition of Maytas by Satyam and its subsequent cancellation in December 2008. He also did not close the window before the subsequent confession by then chairman Ramalinga Raju in January 2009 of a massive scam.
According to Sebi, since Jayaraman did not close the trading window despite being aware of unpublished price sensitive information it led to some employees and clients selling the stock during what should have been a no-trade period.