SEBI has found Shilpa Shetty, her husband Raj Kundra, and his company Viaan Industries guilty of not complying with its regulations on insider trading. They have been fined Rs 3 lakh. 

Shilpa Shetty was one of the directors of this company and resigned last year. It is to be noted that Raj Kundra is currently facing investigations for allegedly producing & distributing porn films through a subscriber driver mobile app. 

     

SEBI imposes Rs 3 lakh-fine on Shilpa Shetty, Raj Kundra for flouting insider trading norms

WHAT?

SEBI has found Shilpa Shetty, her husband Raj Kundra, and his company Viaan Industries guilty of not complying with its regulations on insider trading. They have been fined Rs 3 lakh. 

HOW?

SEBI had conducted an investigation into the dealings of Viaan Industries Limited for the period between September 01, 2013, and December 23, 2015.

The shares of this company are listed on the Bombay Stock Exchange (BSE) and Ripu Sudan (alias Raj Kundra) and Shilpa Kundra (alias Shilpa Shetty) were its promoters during the period under investigation. 

As per the order issued by SEBI, on October 29, 2015, Viaan Industries Limited made a "preferential allotment of 5,00,000 equity shares to four persons". "In this preferential allotment, 1,28,800 shares each were allotted to Ripu Sudan and Shilpa Kundra," the order states.

Following the allotment of the shares through the preferential allotment, Shilpa Shetty and Raj Kundra were required to make the necessary disclosure to the company.

This disclosure was required because value of these transactions exceeded Rs 10 lakh.