every_trade_matters Breaking One for PoonawallaFincorpFollow @everyinfotipsThe Securities and Exchange Board of India (Sebi) on Wednesday barred Abhay Bhutada the MD and CEO of Poonawalla Finance and seven others from accessing the securities market for allegedly insider trading in shares of Poonawalla Fincorp-formerly known as Magma Fincorp. The regulator also impounded ill-gotten gains of Rs 13.6 crore.Sebi’s surveillance alert system detected suspicious trading patterns in the shares of Magma Fincorp ahead of the acquisition of a controlling stake by Adar Poonawalla-led Rising Sun Holding (RSHPL) in February 2021.An analysis done by Sebi showed that a group of connected entities had taken long positions in Magma and later squared off their positions, generating substantial profits.After Magma made a preferential allotment of Rs 3,456 crore to the Poonawalla Group, its scrip hit upper circuit for seven straight trading sessions.#stockmarketlab #stockmarketindia#stockmarket#nifty #bse #bs #learning #learn #earrings#earnmoney #earn #money #profit #loss#marketing #market #stock #stockmarketnews#bears #bull #future #options #trading#tradingstocks #trade#trader
