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SEBI charges Shilpa Shetty and Raj Kundra with heavy fines

According to news reports, the Securities and Exchange Board of India (SEBI) has fined Bollywood actress Shilpa Shetty, her husband and businessman Raj Kundra, and his company Viaan Industries a total of Rs 3 lakh for breaking its Insider Trading rules. The fine was imposed on Kundra, Shetty and Viaan Industries for a three-year delay in disclosing a preferential share allocation, according to the statement.

In 2015, Viaan Industries made a preferential allocation of 500,000 equity shares, of which 128,800 were allotted to the company’s promoters, Kundra and Shetty. According to SEBI’s Prohibition of Insider Trading Rules, 2015, the husband-and-wife team had to notify the company within two days if the transaction was worth more than ten lakh rupees. According to the reports, the SEBI stated that the 2015 transaction disclosures were made only in 2019, despite the fact that the value of each transaction exceeded 2.5 crore.

This comes after Kundra was denied bail by the Mumbai Esplanade court on Tuesday, after he was remanded in police custody for 14 days until July 27 in connection with the alleged creation of pornographic films. On July 19, he and ten others were arrested on charges related to the investigation being conducted by the Mumbai Police Crime Branch.

Under the Indian Penal Code, the 45-year-old businessman has been charged with cheating as well as indecent and obscene advertisements (IPC). In the FIR filed against him, he was also charged with robbery.


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