Nitin Spinners Limited has informed the Exchange regarding 'Report by Nitin Spinners Limited for violations related to Code of Conduct under SEBI (Prohibition of Insider Trading) Regulations, 2015'.
NITINSPIN · price
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Nitin Spinners Limited reported that Mr. Rakesh Kumar Baheti, Deputy Manager (Excise Department), executed a contra-trade (buy and sell of the same shares within six months) without obtaining pre-clearance or informing the company within the required timeline. He bought 293 shares for Rs 92,853.80 and sold them for Rs 1,00,479.10, making a profit of Rs 7,626. The company noted he did not possess any Unpublished Price Sensitive Information (UPSI) and the trade was done outside the trading window closure period. As action, the company issued a warning letter and levied a penalty of Rs 7,626 (equal to the profit earned), which was transferred online to the SEBI Investor Protection and Education Fund (IPEF). This was his first instance of violation, with no prior history.
This is a minor, internal compliance matter with no material impact on the company or shareholders. The violation was procedural (contra-trade without pre-clearance), not based on insider information, and the penalty amount is negligible. Investors are unlikely to see any meaningful effect on the stock price.