Two individuals, Surabhi Shah and Saumil Shah, settled with Sebi in a case related to alleged insider trading in the shares of Poonawalla Fincorp. They paid settlement fees of Rs 1.72 crore and Rs 39 lakh respectively and disgorged the impounded ill-gotten gains of Rs 1.76 crore. Sebi had issued a show-cause notice alleging insider trading violations by the Shahs. The regulator found that the applicants were insiders who traded in Magma shares based on unpublished price-sensitive information regarding Poonawalla Group's interest to invest in Magma.
