Shilpa Shetty and Raj Kundra fined with ₹3 lakh penalty by SEBI for violating trading rules

The Securities and Exchange Board of India (SEBI) has charged actress Shilpa Shetty and her husband Raj Kundra as well as his company Viaan Industries with a penalty of ₹3 lakh for flouting its Insider Trading rules. Shilpa, Raj and Viaan Industries have had to face this penalty after a three-year delay in the revelation of an allocation of preferential shares as per a report by Moneycontrol.

The report further said that Shetty and Kundra’s Viaan Industries had made a preferential allocation of 500,000 equity shares in 2015 out of which 128,800 were alloyed to Raj and Shilpa who are the company’s promoters. SEBI stated that the disclosure of the 2015 transaction was made in 2019 which has exceeded ₹2.5 crores each, whereas according to SEBI’s Prohibition of Insider Trading Rules, 2015, the transactions had to be revealed within two days back in 2015 if it surpassed ₹10 lakh value.

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Raj Kundra was arrested on July 19 for allegedly producing and distributing pornographic films through mobile applications. His judicial custody was extended from July 23 to July 27 and Raj, along with his associate has been booked under Sections 420 (cheating), 34 (common intention), 292 and 293 (related to obscene and indecent advertisements and displays) of the Indian Penal Code (IPC) besides sections of the IT Act and the Indecent Representation of Women (Prohibition) Act.

Meanwhile, according to a report by ANI, Raj was denied bail and was sent to judicial custody for 14 days along with Ryan Thorpe, “Mumbai’s Esplanade Court rejects bail pleas of Raj Kundra and Ryan Thorpe in pornography case”. He was alleged as the “key conspirator” in the porn racket case.

Also Read: Raj Kundra Case: Mumbai Crime Branch summons Gehana Vasisth; actress assures full co-operation