Equitas Small Finance Bank fines 'VP-Internal Audit' for insider trading

Mumbai, Dec 28 Equitas Small Finance Bank has imposed a fine on its Vice President - Internal Audit, N. Ganesan, for violation of insider trading norms.

In a regulatory filing, the bank said that the Ganesan, a designated person, had sold 1,000 shares during trading window closure period and also entered into contratrade on November 2020.

"The violation was brought to the notice of the Disciplinary Action Committee (DAC) of the bank, which levied on the violating Designated Persons, a penalty of an amount equivalent to 10 per cent of the value of shares traded in violation of the SEBI Regulations and Internal Code of Conduct," it said.

Equitas Small Finance Bank was among the several companies which launched their IPO amid the pandemic. Equitas launched its IPO in October.

Around 2.15 p.m., its shares were trading at Rs 37, higher by 1.37 per cent from its previous close.