Sebi revokes order against Poonawalla Finance MD and CEO Abhay Bhutada

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Sebi on Friday revoked an order made against Abhay Bhutada, MD and CEO of Poonawalla Finance (formerly Magma Fincorp).

In an interim order dated September 15, 2021, Sebi banned Bhutada and seven others for allegedly transmitting sensitive unpublished price information (UPSI) and insider trading.

“In the Interim Order, it was observed that Bhutada did not trade the securities of the company. However, Bhutada was suspected of having communicated UPSI to certain entities which allegedly directly/indirectly traded Magma’s certificates.

Sebi conducted a detailed investigation of the matter, to determine violations of securities laws, if any.

In accordance with the investigation, it was found that Bhutada had not communicated with UPSI,” Sebi said in an order. Sebi, however, said proceedings against other entities were still ongoing.

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