The capital market regulator SEBI today settled and passed a consent order in a case against Dena Bank on payment of Rs 10 lakh for their alleged involvement in violation of insider trading norms. The case relates to Dena Bank’s trading in shares of Alka Securities wherein it allegedly breached the rules.
“the Noticee (Dena Bank) has remitted a sum of Rs 10 lakh…this consent order disposes of the said adjudication proceedings…,” the Securities and Exchange Board of India (SEBI) said while passing the consent order.
In a consent order, the company or person pays the settlement fee without denying or admitting the guilt.
Noticing a sudden spurt in the price and trading volume of shares of Alka Securities, SEBI had conducted detailed investigations in the dealings during 2008-09.