NEW DELHI: For insider trading in the shares of IT solutions business NIIT Technologies, Market Regular Sebi prohibited one person from the capital markets for six months and fined him Rs 12 lakh on Thursday.

Apart from that, Sebi has ordered the person in question, Arvind Mehrotra, to disgorge a loss saved of Rs 1.03 lakh, plus interest, according to a Sebi order.

Mehrotra, who was the company's business Head of Asia & Australia with the title of President- Infrastructure Management Services (IMS), had traded in the company's shares while in possession of unpublished price sensitive information (UPSI) related to a dispute between the company's subsidiary and its client in the APAC region, according to the markets watchdog's order.

"Furthermore, while in possession of the relevant UPSI, Noticee no. 3 (Mehrotra) transacted and performed the sale of 2,500 shares of the Company on January 5, 2015 (1,000 shares) and February 24, 2015 (1,500 shares)," according to Sebi.

Mehrotra also requested for pre-clearance of trades in the company's scrip, alleging fraudulently that he did not have UPSI when he actually did. He also failed to declare to the firm and the stock exchanges the facts of selling 2,000 shares of NIIT for more than Rs 5 lakh in November 2014.

NSE warns stock brokers against executing non-genuine trades

SEBI simplifies process for change in control of portfolio manager

ASBA applications to be processed only after blocking of money in investor's bank A/c