Mumbai: The Securities and Exchange Board of India (Sebi) on Friday imposed a penalty of Rs.65 lakh on T.A.N. Murti, former head of investor relations at Satyam Computer Services Ltd, for insider trading in the company’s shares in 2008.
According to the capital market regulator, he was in possession of unpublished price-sensitive information on the acquisition of Maytas Infra Ltd and Maytas Property Ltd by Satyam, and traded in Satyam shares before the acquisition was announced on 16 December 2008.
The acquisition, however, was subsequently cancelled due to resistance from Satyam’s investors. Murti has been given 45 days to pay the penalty.