Polaris founder Arun Jain and former CFO face Rs 2 crore penalty

Securities market regulator SEBI has ordered impounding of around Rs 2 crore as alleged unlawful gains by Polaris Software Lab (now Polaris Consulting and Services) promoter Arun Jain and former CFO R Srikanth from insider trading.

The Securities and Exchange Board of India (SEBI) also ordered banks and depositories should not make any debits in the accounts of Jain and Srikanth without its permission.

SEBI also directed the two not to dispose off or alienate any of their assets/ properties/ securities, till such time the amounts are credited to an escrow account.

According to SEBI, the alleged gain from insider trading for Jain was Rs.1,84,68,558 and for Srikanth was Rs.19,69,471.

The SEBI order was passed on November 24.

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