A fine of Rs. 75,000 (<USD 600) and barred from being a director of a public limited company for 10 years!
That’s the penalty for trading in shares of a listed company while being in the board of that company.
I am confused if that’s a penalty or reward because he may have made millions out of such trade against the interest of millions of public investors!
Apparently one Rajat Gupta (former head of McKinsey and who served on the board of Goldman Sachs) spent about 19 months in prison for passing insider information about Goldman Sachs and one who acted upon the information is serving 11 years in prison!
And we talk about more public participation in stock market where the regulators fail to act or punish the culprits who loot million if not billion from the public investors.
Why? Because we fail to assess the seriousness of such white collar crimes or we just don’t understand what’s going on.