Announcement under Code of Conduct under SEBI (PIT) Regulations 2015
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Awaiting price reaction for this filing.
Garnet International Ltd informed BSE about an alleged insider trading violation by Kirti Gaggar, the immediate relative of Suresh Gaggar (Executive Director and Promoter Group member). The violation involves share trades executed during the trading window closure period, spanning from July 2023 to February 2025, with numerous buy and sell transactions (some large, like a ~Rs 28 lakh buy on 20-Oct-2023). The Audit Committee has issued a show cause notice to the relative and further proceedings are underway, with the final outcome to be communicated to the exchanges.
This is a negative governance signal. The company may face penalties, fines, or stricter regulatory scrutiny from SEBI once proceedings conclude. Short-term sentiment could weaken as investors react to insider trading-related concerns, though the impact is moderated since the violation is by a relative (not the designated person directly) and no penalty has been imposed yet.