SEBI questioned billionaire investor Rakesh Jhunjhunwala

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Mumbai, 28 January 2020 Tuesday

Billionaire investor Rakesh Jhunjhunwala is being investigated for insider trading. Two people who were aware of the incident said that the Securities and Exchange Board of India (SEBI) is conducting this investigation on shares of Aptech Limited.

The education company belongs to Jhunjhunwala and his family. Sebi is also investigating other members of the family who are shareholders in the company.

He is also being investigated along with Investor Ramesh S Damani and other members of the board, including company director Madhu Jaya Kumar.

ET does not confirm the period in which the insider trading rules were allegedly violated. Sebi has in its notice to Xunzhunwala and others that 'cooperate with the investigation' on suspicion of insider trading.

The people involved in the management of the companies have important information and before that information is disclosed, any action associated with the sale of the stock is taken, which will affect the price, which is called insider trading.

In addition to Jhunjhunwala, his wife Rekha, brother Rajesh Kumar and mother-in-law Sushila Devi Gupta were also called by Sebi on January 24.

Jhunjhunwala appeared before Sebi's investigating officer and his Mumbai Bandra-Kurla complex position was questioned for approximately two hours at Sebi's headquarters.

Zunzunwala, who arrived with his lawyers, told investigating officers that he was representing his family.

Jhunjhunwala's sister Sudha Gupta was summoned by Sebi on January 23 for questioning. Uppal Seth's sister and CEO of Zunzunwala's asset management firm Rare Enterprise called Uttama Seth Sule on January 28.

Rakesh Jhunjhunwala, the so-called Warren Buffett of India, is one of the wealthiest investors in the country because of his stock selection skills. According to a Bloomberg report, the value of their portfolio shares is Rs 11,140 crore.

He bought Aptech shares in 2006 for Rs 56. Since then, he and his family members have risen to 49 percent. Shares of Aptech closed at Rs 173 on BSE on Monday.

Accordingly, the value of the stock held by these people is Rs 690 crore. Aptech is the only investment company in Zunzunwala, with their management control.

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