The Supreme Court has exonerated Srini Raju, founder of iLabs and co-founder of investment firm Peepul Capital, in the insider trading (of erstwhile Satyam Computer Services) case filed by SEBI.
“On Monday, the apex court felt the appellate tribunal’s view that I’m an insider in terms of SEBI (Prohibition of Insider Trading) Regulations, 1992, cannot be sustained in law,” Srini Raju said.
SEBI had termed Srini Raju as an insider and had access to unpublished price sensitive information about the company. Srini Raju left Satyam in August 2000. He was a non-executive director till 2002. “SEBI passed the insider trading order 15 years after I left Satyam based on fraudulent filings (showing me as a promoter) by the Satyam management with the stock exchanges,” he said.
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