SEBI disposes of proceedings against Bharti Telecom, Mittal

SEBI disposes of proceedings against Bharti Telecom, Mittal

New Delhi, October 22

Markets regulator SEBI on Thursday disposed of proceedings against four entities, including Bharti Telecom Ltd and Sunil Bharti Mittal, in a matter related to alleged violation of insider trading norms while dealing in Bharti Airtel’s scrip.

The order follows a probe conducted by SEBI in respect of trading of certain entities in the scrip of Bharti Airtel to ascertain alleged violation of the Prohibition of Insider Trading norms.

During the period of investigation, Sunil Mittal was chairman of Airtel, Gopal Vittal was its director, Rohit Krishan Pal was the compliance officer and Bharti Telecom was the promoter.

On October 2017, Airtel in a filing announced the proposed acquisition of the consumer mobile business of Tata Teleservices and Tata Teleservices Maharashtra Ltd. The information pertained to the acquisition was alleged to be an unpublished price-sensitive information (UPSI). It was alleged that a transaction took place between Bharti Telecom and Gopal Vittal during the UPSI period as Vittal had sold 1.21 lakh shares of the company to Bharti Telecom on August 10, 2017 by way of a block deal. — PTI

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