Indiabulls insider trading case: Sebi impounds Rs 87.21 lakh from former director, spouse

Markets regulator Sebi Friday ordered impounding of alleged unlawful gains of Rs 87 lakh made by Indiabulls Ventures's former non-executive director and her husband in an insider-trading case.

At the time of alleged violation, Pia Johnson, non-executive director of Indiabulls Ventures Ltd (IVL), and her husband Mehul Johnson traded in the scrip of IVL when in possession of unpublished price sensitive information (UPSI)), Sebi said.

They had such information with respect to sale of India Land and Properties Ltd (ILPL) to Indiabulls Infrastructure Ltd (IIL) and investment of IIL in ILPL.

According to the order, ILPL was indirectly owned by IVL whereas IIL is a wholly owned subsidiary of Indiabulls Real Estate Ltd.

It was observed that the proposal relating to grant of loan from IIL to ILPL against securities originated on January 24, 2017. The proposal ultimately led sale of ILPL to IIL / investment of IIL in ILPL and same was made public on March 15, 2017, the regulator ...