Kitex Garments Limited has informed the Exchange regarding 'Reporting relating to Code of Conduct under SEBI (PIT) Regulations, 2015'.
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Kitex Garments informed the exchanges about a violation of its Insider Trading Code of Conduct by a designated employee, Mr. Saji Kurian (Assistant Vice President, Manufacturing). Between September 4 and 27, 2024, he bought 1,832 shares (about ₹8.52 lakh) and sold 1,275 shares (about ₹5.92 lakh) without timely disclosing the trades, which crossed the ₹10 lakh threshold in a calendar quarter. The company obtained an explanation from him and issued a warning not to repeat the lapse. A prior contra-trade violation was also noted, where profits of ₹1,08,800 were already remitted to SEBI's Investor Protection and Education Fund (IPEF). No fresh monetary penalty was collected this time.
This is a routine procedural compliance disclosure involving non-disclosure of trades by a mid-level employee, not a case of trading on inside information. Shareholders are unlikely to see a material impact on the stock, though it signals that the company is actively monitoring insider trading compliance.