SEBI recovered Rs 37 crore from 10 people including Rakesh Jhunjhunwala

A total of 10 people including well-known investor Rakesh Jhunjhunwala, his wife Rekha Jhunjhunwala have made a payment of more than Rs 37 crore to Aptech Ltd. The insider trading case relating to the shares of The amount includes the wrongfully earned amount along with settlement charges and interest. As per two separate orders of the Securities and Exchange Board of India (SEBI), the other eight persons who disposed of the case are Rajesh Kumar Jhunjhunwala, Sushila Devi Gupta, Sudha Gupta, Ushma Seth Sule, Utpal Sheth, Madhu Vadera Jayakumar, Chug Yoginder. Pal and Ramesh S Damani.

These orders have come after settlement applications of these individuals. The application had proposed to dispose of the matter, without admitting or denying the facts, through a disposal order of SEBI. In the case personally, Rakesh Jhunjhunwala paid Rs 9.5 crore as settlement amount. This includes payment of Rs 5.86 crore in lieu of wrongly availed profit along with interest of Rs 3.10 crore. In addition, Rekha Jhunjhunwala gave Rs 1.57 crore as settlement amount. What was the matter?

Markets regulator SEBI in a detailed order said that on September 7, 2016, Aptech Limited made an announcement on the stock exchanges after the market closure, titled – Aptech is entering the Pre-School Segment. This information is treated as an unpublished price sensitive information (UPSI). It was alleged that Utpal Seth and Rakesh Jhunjhunwala were already aware of this and had also informed many other applicants about it. SEBI said that on the basis of this information, Rakesh Jhunjhunwala, Rekha Jhunjhunwala, Rajeshkumar Jhunjhunwala, Sushila Devi Gupta, Sudha Gupta and Ushma Seth Sule bought the shares of Aptech during this period.