SEBI bars Talaulicar from market for five years
Mumbai: SEBI has found Jaivant Esvonta Talaulicar, former director of Tata Finance (TFL), guilty of insider trading in the shares of Tata Finance and debarred him from the securities market for five years. T M Nagarajan, whole-time member, SEBI, said: "Based on a study of the facts and circumstances of the case and the argument put forward by Talaulicar, I have reached the conclusion that Talaulicar was an insider and that he dealt in the equity shares of TFL on the basis of unpublished price sensitive information."

The order said with the fiduciary responsibility cast upon him, he should have abstained from dealing in the equity shares of TFL, before disclosing the price sensitive information to the public. "This act of Talaulicar, though ostensibly appropriate, was obviously an after thought and, as circumstances indicate was intended to make it appear that the trading in the shares of TFL was really done after the price sensitive information became public."
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