The Securities and Exchange Board of India (SEBI) has banned NDTV promoters Prannoy Roy and Radhika Roy from trading in the securities market for two years. This action has been taken due to involvement in insider trading. SEBI has also asked both to return Rs 16.97 crore illegally earned from insider trading activities of 12 years ago.
Apart from these, the regulator has also banned seven other persons and bodies for a period of one to two years. Some of these have been asked to return the illicit earnings made through trading in shares through unpublished price sensitive information. SEBI has taken this step after examining the trading in the company’s shares during September 2006 to June 2008. SEBI observed that several provisions pertaining to insider trading have been violated during the said period.
SEBI said that the concerned individuals and bodies can pay the amount alone or together. They will have to pay this amount with interest of six percent from April 17, 2008 till the date of payment.