New Delhi: Sebi on Tuesday levied a fine of Rs 5 lakh on the former promoter of dairy firm Kwality Ltd, Sanjay Dhingra, besides prohibiting him from the securities markets for six months in a case pertaining to the violation of insider trading rules.

The regulator also directed Dhingra to disgorge the profit of Rs 2.12 crore, made by him along with 10 per cent interest per annum from July 2018 till the date of actual payment. In the order, G Ramar, the General Manager of Sebi, said: “I note that the noticee (Sanjay Dhingra) had both bought and sold the scrip of Kwality i.e. had done contra trades in between April 12, 2018, to July 24, 2018, which is less than the restricted minimum period of six months, under the provisions of PIT Regulations, within which a designated person is not allowed to execute contra trade.”