Self-trades, in market parlance, refers to a transaction in which the same entity takes both sides of the trade resulting into no change in beneficial ownership.
A probe conducted by Sebi found that Mehta indulged in 'self-trades' during the last half-an-hour in the cash market at NSE in the state-run lender's scrip without intention of change of beneficial ownership but intended to operate in order to make profits in the derivative segment on the expiry date of future and option (F&O) contracts on December 26, 2013.
"The net profit earned by the noticee (Mehta) on December 26, 2013, in the derivatives segments was Rs 9.31 lakh as submitted by him after considering loss in cash segment, the brokerage expenses and statutory transaction taxes," the order noted.
By indulging in such activities, he had violated the provisions of Sebi's PFTUP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, the regulator said in an order dated February 6.