Reporting of Violations related code of conduct under SEBI (PIT) Regulations,2015.
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String Metaverse Limited has reported that two designated persons violated the company's insider trading code by executing contra-trades (buying and selling the same stock) within six months. The first violator, Mr. Siddarth Ravishankar Sarnaik (from the promoter group), made multiple buy and sell trades in the company's shares between September 4 and September 23, 2025, involving over 8,200 shares worth approximately ₹28 lakh in total. The second violator, Mr. Deenadayal Tripurasetty (Independent Director), bought and sold 1 share each on December 29 and December 30, 2025. The company issued advice letters and show cause notices to both individuals on March 20, 2026, and transferred a penalty amount of ₹11,207 to SEBI's Investor Protection and Education Fund (IPEF) on March 23, 2026. The matter will be further reviewed at the next Audit Committee meeting.
This is a minor regulatory compliance issue involving small-scale contra-trade violations, not a serious insider trading fraud case. The penalty amount is negligible (₹11,207), suggesting limited financial impact on the company. However, it highlights compliance weaknesses in monitoring trades by insiders and may raise minor governance concerns among retail investors, though it is unlikely to materially affect the stock price.