REC LTD deposits penalty amount to SEBI (IPEF) for inadvertent trade

India’s leading public Infrastructure Finance Company REC Limited,(Rural Electrification Corporation Limited),  informed the stock exchanges that as per directions of the Board of Directors in the Meeting held on November 6, 2020, Praveen Kumar Singh had disposed off 2,500 equity shares of REC (purchased by him on October 5, 2020) on November 11, 2020 and furnished a cheque of Rs.34,855 dated November 13, 2020, being the penalty amount equals to the amount of profit earned against this transaction.

In addition, in compliance with SEBI Circular dated July 23, 2020, REC has transferred the said amount of Rs. 34,855 to the dedicated Bank Account of SEBI (Investor Protection and Education Fund - IPEF) on November 20.

Further, the company on November 9, 2020 had informed about inadvertent trade in equity shares of REC by Praveen Kumar Singh, Nominee Director of Power Finance Corporation Limited, during period of closure of Trading Window.

At around 12 noon,  shares of  REC limited  was trading at Rs. 116.40  per piece up by Rs 0.55 or 0.47 percent from its previous closing of Rs. 116.95 per piece on the National Stock Exchange.

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