Wipro executive fined for insider trading

BANGALORE: The Securities and Exchange Board of India (Sebi) slapped a Rs 5 lakh penalty on Wipro executive Rajat Mathur for violating insider trading disclosure norms.
Sebi observed that Mathur, head of sales and operations for growth markets in Wipro, sold 8,000 shares worth Rs 31.1 lakh on three days of trading between November 29 and December 3, 2012.
"The fact remains that by not making the required disclosures, the noticee (Mathur) had deprived the investors of important information at the relevant time," Sebi said in its order.
When TOI contacted Mathur, he said, "I am awaiting the formal order. I had got shares under the company's stock option plan in 2012 and sold just over Rs 31 lakh worth of shares in Nov-Dec 2012, well within the open trading window."