New Delhi, Jan 12 (PTI) Markets regulator Sebi today imposed a penalty of Rs 4 lakh on a former official of ING Vysya Bank for disclosure lapses.

The order has come following an inspection conducted by the Securities and Exchange Board of India (Sebi) of trading in the shares of ING Vysya Bank for the period from August 2011 to May 2013.

Upon inspection of the trading details of Gargi Dash, the then head of retail finance of the bank, Sebi observed that she had sold shares of value exceeding Rs 5 lakh each on three occasions — November 2, 2012, January 31, 2013 and March 28, 2013.

Dash had contended that she was not an officer of ING Vysya Bank. However, noting that Dash held a “position of responsibility” with an authority to give directions to certain other employees, Sebi said she was an officer of the bank.

Since Dash was an officer, she was required to make disclosures to ING Vysya Bank and BSE regarding change in shareholding upon selling the shares within two working days from the date of the transactions in accordance with the PIT (Prohibition of Insider Trading) Regulations.

However, Dash failed to make the disclosures to the bank as well as BSE, thereby violating PIT Regulations.

For the violation, Sebi has imposed a penalty of Rs 4 lakh on Dash.

This is published unedited from the PTI feed.