Sun Pharma`s senior executives wife settles Insider Trading case with SEBI

• Abhay Arvind Gandhi (who was during the period under review CEO of Sun Pharma Laboratories Ltd a WOS of Sun Pharmaceutical Industries Ltd) and his wife traded in Ranbaxy shares soon after Japanese major Daiichi in 2014 agreed to sell Ranbaxy to Sun Pharma.
• The proposed deal was Unpublished Price Sensitive Information (UPSI) from Feb 14, 2014 to 6^th April, 2014.
• By trading in shares of Ranbaxy during the UPSI period both violated PIT norms. 
• The settlement amount of Rs 35.06 lakh each was approved by a panel of SEBI's Whole Time Members.
• The trend that we can see from Settlement Orders and Adjudication Orders passed by SEBI with respect to Prohibition of Insider Trading , is that whenever there is takeover or potential takeover transactions, SEBI has gone in detail about transactions done by key people in  the respective Companies.
• Under amended PIT regulations (effective from 1 April 2019), every listed Company has to maintain digital database whenever UPSI is shared. And conduct enquiry about any leak or suspected leak of UPSI. 
• Had this incident taken place after 1 April 2019, SUN Pharma would have required to conduct an internal inquiry about suspected leak of UPSI and submit a report to SEBI.

https://www.sebi.gov.in/enforcement/orders/apr-2019/settlement-order-dated-april-11-2019-in-respect-of-kiran-abhay-gandhi-in-the-matter-of-trading-activities-of-certain-entities-in-the-scrip-of-ranbaxy-laboratories-limited_42688.html

https://www.sebi.gov.in/enforcement/orders/apr-2019/settlement-order-dated-april-11-2019-in-respect-of-abhay-arvind-gandhi-in-the-matter-of-trading-activities-of-certain-entities-in-the-scrip-of-ranbaxy-laboratories-limited_42687.html