 "Punit Goenka")
Punit Goenka, managing director and chief executive officer, Zee Entertainment Enterprises (ZEEL), has paid Rs 50.7 lakh to the Securities and Exchange Board of India (Sebi) for settling a matter pertaining to alleged violation of insider trading rules.
The matter dates back to September 2020 when ZEEL announced the launch of pay-per-view service Zeeplex.
After the conclusion of an investigation, the markets regulator said that the launch of Zeeplex amid Covid-19 restrictions was positive development for the company and hence, fell under the definition of unpublished price sensitive information (UPSI). “…it was alleged that Goenka failed to put in place adequate internal controls within the company to identify UPSI and failed to identify the said information as UPSI,” Sebi said in an order.
