Jimmy Tata, the chief credit officer, sold 1,400 shares of the bank held by him in what the lender termed as an “inadvertent trade”.
“The Audit Committee has concluded that this was an inadvertent trade made without intent to violate the Bank’s Share Dealing Code (Bank’s Code) or the SEBI (Prohibition of Insider Trading) Regulations, 2015 (PIT Regulations),” the lender informed the exchanges in a regulatory filing.
The panel has determined that there was a violation of the Bank’s Code and PIT Regulations and imposed a penalty of Rs. 10.20 lakh on Tata, it added.
The amount shall be remitted to the Investor Protection & Education Fund (IPEF) in line with the PIT Regulations, it added.
Tata took on the role of chief credit officer last month, after officiating as the bank’s chief risk officer.