Kaynes Technology shares plunge 9% as firm's MD receives show-cause notice from SEBI

The notice issued by SEBI alleges suspected violations in maintenance of Structured Digital Database (SDD) pertaining to financial results for the period ended March 31, 2023.

"The Notice alleges suspected violations in maintenance of Structured Digital Database (SDD) pertaining to financial results for the period ended March 31, 2023 as per Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (herein after referred as “PIT Regulations”)," the company said in a stock exchange filing.

The company has said that it is reviewing the contents of the notice and will take all appropriate legal and procedural steps, including providing a timely response to the SEBI.

"The Company, Noticee and all concerned remain committed to fully cooperating with SEBI to resolve this matter in accordance with the applicable legal and regulatory framework," Kaynes Technology said.

Kaynes Technology shares ended 0.13% higher at ₹4,305.70 in trade on Tuesday.