NEW DELHI: Markets regulator Sebi has requested impounding of wrongful gains well worth Rs 3.6 crore from four entities connected to a case of insider trading in the shares of Infibeam Avenues Ltd. In the order, Sebi reported Rs 2.61 crore will be impounded, jointly and severally, from Dhiren Mahendrakumar Shah HUF, Amee Dhiren Shah and Affluence Fincon Support. Apart from, Rs 97.36 lakh will be impounded from Infinium Motors (Gujarat) Pvt Ltd (IMGPL), a group firm of Infibeam Avenues.
An investigation was executed into shares of Infibeam Avenues Ltd (IAL) for the November, 2016 to June, 2017 time period to confirm no matter if specific entities experienced traded in the scrips although in possession of Unpublished Price Sensitive Info (UPSI).
Buying and selling in shares of a firm while in possession of UPSI of the same violates provisions of the PIT (Prohibition of Insider Trading) Polices.
All through the investigation, Sebi located that the 4 entities manufactured wrongful gains by buying and selling in the scrip of IAL though in possession of UPSI pertaining to stock split.
It is prima facie founded that Vishal Mehta, who is a promoter and also the running director of Infibeam Avenues, experienced handed on UPSI to Malav Mehta, who had traded in the scrip on behalf of IMGPL, Sebi explained in an order handed on Monday.
Vishal Mehta is also brother of Malav Mehta, a director in IMGPL and authorised to trade on behalf of IMGPL.

Sebi also claimed that Dhiren Mahendrakumar Shah (HUF), Amee Dhiren Shah and Affluence Fincon Services alongside one another called Dhiren Group are “related people” who were being moderately predicted to have accessibility to the UPSI.
A sizeable volume of Rs 50 crore had been invested by the Dhiren Team in IAL by a pre-IPO preferential allotment. This coupled with Affluence acting as the stock broker for IMGPL’s trades in IAL prospects to a prima facie inference that Dhiren Group was connected to the promoters or administrators of IAL and experienced entry to the UPSI, as for every the order.
Hence, the trading in the scrip by IMGPL and Dhiren Group is prima facie in violation of the insider trading norms, the Securities and Exchange Board of India (Sebi) observed.
In a individual order, the regulator has imposed a penalty of Rs 5 lakh on MCS Share Transfer Agent Ltd for failing to present files needed by the auditors appointed by Sebi.