The Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 3 lakh on Bollywood actor Shilpa Shetty, her husband and businessman Raj Kundra and his company Viaan Industries for violating provisions of SEBI (Prohibition of Insider Trading) Regulations.
The adjudicating officer of SEBI imposed a monetary penalty of Rs 3 lakh to be paid jointly and severally by the three entities within 45 days of receipt of the order.
The SEBI order comes after Shilpa Shetty’s husband Raj Kundra was arrested by the Mumbai police for allegedly producing and distributing pornographic films.
Kundra was sent to judicial custody for 14 days on Tuesday and the Mumbai police are still investigating the case.
Raj Kundra was arrested on July 19 by the Mumbai police crime branch under sections of the Indian Penal Code (IPC) and the Information Technology Act.
The Mumbai police crime branch has told the court that Kundra had plans to sell 119 adult films to a person for $1.2 million.
Police have also claimed that they have found 51 “obscene” videos — 35 with Hotshots logo and 16 with BollyFame logo, during searches conducted at the offices of the accused.