Abhay Bhutada resigns from the post of Managing Director of Poonawalla Fincorp

Besides the primary accused Bhutada, the market regulator has banned Saumil Shah, Surabhi Kishore Shah, Amit Agrawal, Murlidhar Bagranglal Agrawal, Rakesh Rajendra Bhojgadhiya, Rakesh Rajendra Bhojgadhiya HUF, and Abhijit Pawar to involve in any market activities.

CNBC-TV18 Principal Correspondent, Yash Jain tweeted today regarding the resignation of Abhay Bhutada, the Managing Director at Poonawalla Fincorp. Jain said: “Just yesterday SEBI had passed an order holding Abhay Bhutada jointly liable for an amount of Rs 8.3 Cr in Magma Fincorp Insider Trading Case.”

On September 15, Abhay Bhutada’s bank account including 3 more employees from the organization has been consolidated seized stating infringement of legal guidelines. It was impounded for a hefty ₹8.3 cr.

The non-banking financial and asset management company hit faced a dipping circuit score of 5% at Rs 172.15, after discovering the managing director Abhay Bhutada’s presence in the insider trading case. Along with the company’s MD, seven others individuals were restricted to enter the securities market as per the instruction by the regulating body.

Some discloses call data recordings showed Abhay Bhutada, MD and CEO of Poonawalla Finance was on the darker side. As per the telephonic conversation, the alleged speaker revealed price sensitive information in the anonymous domain or entity to which the speaker had connections.

Besides the primary accused Bhutada, the market regultor has banned Saumil Shah, Surabhi Kishore Shah, Amit Agrawal, Murlidhar Bagranglal Agrawal, Rakesh Rajendra Bhojgadhiya, Rakesh Rajendra Bhojgadhiya HUF, and Abhijit Pawar to involve in any market activities.

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