NDTV Promoters Prannoy & Radhika Roy Barred From Securities Market For 2 Years
New Delhi: The Securities and Exchange Board of India (SEBI) has barred NDTV promoters Prannoy Roy and his wife Radhika Roy from the securities market for two years and ordered them to return illegal gains of Rs 16.97 crore earned from insider trading.
The amount has to be paid with 6 per cent interest from April 17, 2008 till the actual date of payment.
The order is in connection to a 12-year-old case, in which they were found to have violated Prohibition of Insider Trading (PIT) Regulations.
NDTV said in a statement that SEBI’s order against its founders is based on inaccurate assessment of facts.
“An appeal will be filed immediately,” it further stated, adding that SEBI’s ruling will not withstand scrutiny.
The 71-year-old Prannoy is an eminent journalist and psephologist.