SEBI disposes off insider trading case against Dish TV’s corporate promoter

SEBI drops case against Dish TV’s corporate promoter, Direct Media Distribution Ventures Pvt Ltd.

SEBI, the Stock Exchange Board of India has disposed of the case against Direct Media Distribution Ventures Pvt Ltd, Dish TV India’s corporate promoter, for insider trading. It was alleged for violating provisions of prohibition of insider trading norms, according to an order passed on Tuesday. This order followed an investigation conducted by SEBI in Dish TV’s script from January 2019 to February 2019.

Direct Media Distribution Ventures Pvt Ltd was alleged to have traded in Dish TV’s shares while in possession of unpublished price sensitive information (UPSI) which pertained to the approval of Dish TV’s financial results for the nine months and quarter ended December 31, 2018.

In respect of approval of investment of Rs 3,000 crore, to be made by Dish TV, in its wholly-owned subsidiary. It was accused of selling 21.4 lakh shares of Dish TV while in possession of UPSI.

However, Sebi noted that “the trading pattern of the Notice, does not lead to the conclusion that Noticee’s trades in the scrip of DTIL on January 29, 2019, were induced by the UPSI.”

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