Brightcom Group shares in focus after Sebi fines promoters; co issues clarification

Shares of Brightcom group were in focus on Wednesday morning after market regulator Sebi levied fines amounting Rs 40 lakh on Brightcom Group and its promoters for flouting regulatory norms related to insider trading from April 2020 to August 2021.

The regulator slapped a fine of Rs 12 lakh on Geetha Kancharla, Rs 6 lakh each on Vijay Kumar Kancharla HUF, Vijay Kumar Kancharla, Karta of HUF and M Suresh Kumar Reddy (Chairperson and MD) and Rs 5 lakh each on S V Rajyalaxmi Reddy and Brightcom Group Ltd (BGL).

The noticees are required to pay the penalty within 45 days of receipt of the order through online payment facility.   

"The adjudication order, covering the period from April 1, 2020, to August 13, 2021, addresses specific aspects such as disclosure, code of conduct, execution of trades during the trading window closure period, and contra trade. A penalty of Rs.5 lakhs has been levied on the company and a total of Rs 35 lakhs on five associated entities following the completion of the adjudication process," Brightcom Group told BSE on Wednesday morning.

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Brightcom Group said it is currently consulting with its legal advisors to carefully evaluate the order and determine the appropriate steps, which may include compliance with the directives provided.

Shares of Brightcom Group are listed on both BSE and NSE. The stock closed at Rs 26.19 on Tuesday, up 4.97 per cent.

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