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SEBI has imposed a penalty of ₹1 lakh on Sidharth CA, ex-employee of 8K Miles Software Services (the compliance officer during 2011-2012), for failing to adopt and implement the Code of Conduct under the PIT Regulations, which restrict directors and key staff of a listed firm from entering into an opposite transaction within six months.
In his submission to SEBI, he had said that he repeatedly raised these issues with the board, which refused to take any corrective actions.
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