Equitas Small Finance Bank has mentioned that the Vice President from internal Audit, N Ganesan, breached the code of conduct for the prevention of insider trading by simply selling more than 1000 shares post the window closure period. The bank also added that the code of conduct has been violated by the Deputy Vice President-Information Security, G Thanikachalam, for the prevention of insider trading by selling 1181 shares post the window closure period.
The small finance bank has said that its committee appointed for disciplinary action had levied a heavy penalty of 10% of traded value for the foregoing violation by the designated persons.
Equitas Small Finance Bank is one of the largest small finance banks in India having some banking outlets around the country and in India, it’s the second-largest SFB in about the assets with the management and total amounts of deposits in the fiscal year 2020. The bank also strives to provide a range of banking products and services to its customers with a target of serving the ones who are financially incapable or unserved and underserved customers or people in all the segments in India.
The SFB reports a net profit of Rs 102.99 crore in the second quarter for the Fiscal Year of 2021 as for a net profit of Rs 49.48 crore in the second quarter for the fiscal year 2020. The total income during the quarter, the figure hiked up to 22.4% to Rs 861.23 crore. The scrip hike 1.64% to Rs 37.10 on the Bombay stock exchange. It is marketed in the range of 36.55 and 37.20 so far during the day. Along with the several companies Equitas Small Finance Bank was one among which launched their IPO amidst the pandemic. The bank launched its IPO in the month of October.