Zee insider trading: Sebi bars 15 entities

MUMBAI: Sebi has barred 15 entities from the market, including some of the top executives with foreign and domestic broking houses like UBS and Edelweiss, for insider trading in Zee Entertainment stocks in August 2020. The markets regulator has also impounded “ill-gotten gains” of nearly Rs 24 crore from these entities.

Sebi’s internal surveillance system had shown unusual price movement in the Zee stock in August last year. After an investigation, Sebi found that Bijal Shah, a top executive at Zee, had passed on information about the media company’s forthcoming results to Gopal Ritolia, a director at UBS India, and Jatin Chawla, an ex-director at Credit Suisse and currently director at First Voyagers Advisors.