The Securities and Exchange Board of India on Wednesday disposed of a charge of violating the model code of conduct for insider trading against an ITC executive for entering into opposite transactions.

According to a SEBI investigation, between January and March 2013 Gautam Anand, Vice-President of ITC’s hotel division, had sold 493 shares of the company by executing an opposite transaction within six months of his previous (buy) transaction.

‘Fined for lapse’ SEBI, in its order on Wednesday, said Anand was adequately penalised by ITC for his lapse, apart from payment of ₹2,521 as penalty to the company. SEBI noted that he had also undergone debarment from buying or selling shares of the company for a period of six months.

“I am, therefore, of the view that the penalty imposed by the company on the noticee (Gautam Anand) is commensurate with the violations committed by him,” SEBI’s adjudicating officer Suresh B Menon said.

“There is nothing on record to indicate that the noticee has indulged in any market manipulation or made wrongful gain or caused any wrongful loss to others due to his trading in the shares of the company during the examination period,” the order added.

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