Markets regulator Securities and Exchange Board of India- SEBI has found Bollywood actress Shilpa Shetty, her husband Raj Kundra aka alias Ripu Sudan Kundra and his company Viaan Industries guilty of not complying with its regulations on the insider trading. The couple- Raj Kundra and Shilpa Shetty have been fined Rs 3 lakh.
Raj Kundra and Humgama 2 actress are the promoters of Viaan Industries. In October 2015, Viaan Industries made a preferential allotment of the Rs 5 lakh shares to the 4 persons and 1,28,800 lakh shares each, amounting to Rs 2.57 cr each, were allotted to the businessman Raj Kundra and Shilpa Shetty in the allotment.
SEBI had conducted an investigation into the trading in the scrip of Viaan Industries Limited during the period 1st September 01 2013 to 23rd December, 2015.
As per SEBI order, the fine has been imposed on Shilpa Shetty, Raj Kundra and their company for a delay of 3 year in the mandatory disclosure to stock exchanges
Markets regulator Securities and Exchange Board of India said the transaction value of actress and her husband share was Rs 2.57 C r each; however, the final disclosures were made in May 2019 for the 2015 transaction.
We have already reported that Raj Kundra was arrested by the Mumbai Police on 19th July along with eleven other people on charges related to the alleged creation of pornographic films.