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Alleged porn producer Raj Kundra and Shilpa Shetty in trouble for contravening insider trading rules

Businessmen Raj Kundra who is in custody for making pornographic films and his actress wife Shilpa Shetty are now in trouble with market regulator the Securities and Exchange Board of India (SEBI).

As per reports, a penalty of Rs 3 lakh has been imposed on the couple and their company Viaan Industries for contravening insider trading rules, and the fine has been imposed for a three-year delay in the disclosure of an allotment of preferential shares.

In 2015, Viaan Industries had made a preferential allotment of 500,000 equity shares and 128,800 equity shares each was allotted to Kundra (referred to as Ripu Sudan Kundra) and Shetty, the promoters of the company. According to SEBI's Prohibition of Insider Trading Rules, 2015, Kundra and Shetty did not disclose this transaction to the company within two days if it exceeded Rs 10 lakh in value which in this case was a transaction of Rs 2.57 crore each, and the disclosures pertaining to the 2015 transaction was only in 2019.

As of now, Shetty and Kundra have acknowledged the mistake and said it was not done with malafide intent.

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Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: The Commune
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