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Mumbai38 minutes ago
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- Rakesh Jhunjhunwala started investing in the stock market since his college days
- SEBI had issued a show cause notice to Jhunjhunwala shortly before
Stock market veteran Rakesh Jhunjhunwala is preparing to settle with Sebi. This is because they are accused of insider trading in Aptech shares. It is believed that SEBI may issue an order on this in the next few days.
There is a case of trading in shares in 2016
Rakesh Jhunjhunwala is accused of insider trading in Aptech shares between May and October 2016. SEBI is investigating this matter. Jhunjhunwala and his family hold a 49% stake in Aptech. This is the only company in his portfolio of hundreds of shares in which he owns a stake. He first bought shares in this company in 2005 at a price of 56 rupees. The stock closed at Rs 216 on Friday. Currently, his Aptech shares are valued at Rs 421 crore.
Trading based on secret information is called insider trading
Insider trading refers to the purchase or sale of shares based on secret information about the company. Do you have a stake in that company or are you associated with that company. You are aware on the basis of which you cannot buy or sell shares. SEBI is the regulator of the stock market. Rakesh Jhunjhunwala is called Warren Buffet of India. They are the largest investors in the market.
Jhunjhunwala approved for settlement
According to the information, Jhunjhunwala has agreed to settle with SEBI in this case. Apart from them, the other accused in the case are Uptek board members Utpal Sheth, Ramesh Damani and Madhu Jayakumar. Sheth is the Chief Financial Officer at Jhunjhunwala’s company Rare. Jhunjhunwala has earlier settled in the case of a company called Geometric.
Content application is filed
According to sources, Jhunjhunwala has planned an out-of-court settlement. For this, they have filed a relevant application. Settlement is done with the relevant application. In this case, Sebi had issued a show cause notice to Rakez Jhunjhunwala some time back. After this, the matter of settlement has been made.
The country’s largest individual investor is
According to a Forbes report, Jhunjhunwala has a net worth of $ 3.3 billion. He is the largest individual investor in the country. He also produced the English Vinglish film. Jhunjhunwala’s father has been an officer of the Income Tax Department. He started investing in the stock market since his college days. They started investing when the BSE Sensex was at 150 points in 1985.