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Sebi questions Rakesh Jhunjhunwala, family over insider trading charges

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Sebi questions Rakesh Jhunjhunwala, family over insider trading charges

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Ace investor Rakesh Jhunjhunwala is being probed by the market regulator Securities and Exchange Board of India over charges of insider trading in Aptech, an education firm owned by him and family.

Ace investor Rakesh Jhunjhunwala is being probed by the market regulator Securities and Exchange Board of India over charges of insider trading in Aptech, an education firm owned by him and family.

Along with Jhunjhunwala, Sebi is also investigating the role of his family members and some directors on the Aptech board, including Ramesh S Damani and Madhu Jayakumar, people aware of the development at Sebi told CNBC-TV18.
Jhunjhunwala and family currently hold 46.04 percent stake in Aptech. It is the only company in his portfolio in which he has management control.
Jhunjhunwala was questioned by Sebi officials on January 24. His wife Rekha, brother Rajeshkuma and mother-in-law Sushiladevi Gupta were also called for questioning by Sebi, the people added.
Uthpal Sheth, a director on the board of Aptech, had also been called for questioning by Sebi on January 28.
Jhunjhunwala first bought Aptech shares in 2005 at Rs 56 apiece. Since then, his and his family members' stake in the firm has increased to 49 percent. The market value of their stockholding in the company stands at Rs 690 crore based on Aptech’s Tuesday closing price of Rs 173 per share on the BSE.
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