Monday, May 10, 2021

Prannoy Roy, Radhika Roy Found Guilty By SEBI

  • Co-founders of NDTV barred from securities market
  • The Securities and Exchange Board of India found them guilty of insider trading

Mumbai: The New Delhi Television Ltd Co-founders, Prannoy Roy and Radhika Roy, the wife and husband duo, were found guilty of insider trading by SEBI. They are barred from securities market and were asked to regurgitate the amount of 16.97 crore along with 6 percent interest per annum as per regulator. The interest per annum is from the year 2008  till date.

After complaints were received to Capital market regulator stating that NDTV with entities in the name Sanjay Dutt, Quantum Securities Private LTD, SAL Real Estate Pvt Ltd who were dealing with securities of channel, violated the provisions of prohibition of insider trading regulations from the year 2006 to 2008.

The investigation revealed that along with Dutt, founders  Prannoy and Radhika also carried out the insider trading in the statement of NDTV during the probe period. Sanjay Dutt case is being pursued separately.

The regulator also felt that there are several instances of violation by Prannoy  when Roy despite being insiders traded by buying  NDTV shares during unpublished price sensitive information (UPSI) period as the Board decided to evaluate the options for its reorganisation. It also included splitting into news related business and investments in ’Beyond News’ business which are currently held through NDTV Networks.

Prannoy Roy was the chairman and whole time director and Radhika was managing director at the time of the wrongful transaction.

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