The Securities and Exchange Board of India (SEBI), India’s capital markets regulator, fined top executives of Jaiprakash Associates, an engineering and construction firm, for insider trading in the company’s stock in 2008.
SEBI imposed a penalty of 1 million rupees each on Manoj Gaur, chairman of the Indian conglomerate, his wife Urvashi, and brother Sameer Gaur, as well as some top executives of the company.
The penalty is to be deposited within 45 days of the order, SEBI said in an order dated January 5, but issued on its website on Friday.
Shares of the company, valued at $2.2 billion, closed down 4.6 percent on Friday in a flat Mumbai market.
Founders, including the Gaur family, hold 46.88 percent stake in Jaiprakash Associates, which also has interests in hospitality, power and cement.