Excelsior Correspondent
KOLKATA, Nov 8: In a significant development, the Securities and Exchange Board of India (SEBI), the country’s market regulator, has cleared Udit Todi, the Executive Director of Lux Industries Limited, of alleged insider trading charges.
This exoneration comes through a recent order, issued by the SEBI on November 6, 2023.
SEBI had initiated a probe and had previously issued an ex-parte order on January 24, 2022, which restrained 14 entities, including Udit Todi, from accessing the securities markets. However, on May 27, 2022, SEBI had modified its ad-interim ex-parte order, allowing all entities, including Udit Todi, to deal in all securities except those related to Lux Industries.
In the latest development, SEBI has completely cleared Udit Todi and concluded that the directions issued in the interim order of January 24, 2022, which were confirmed with modifications on May 27, 2022, against the entities, are revoked with immediate effect.
SEBI’s detailed investigation found no evidence that Udit Todi communicated any Unpublished Price Sensitive Information (UPSI).
Lux Industries Limited, a company incorporated in 1995, stands as a significant player in the hosiery business with a substantial market share of approximately 15% in the organized industry. Lux Industries offers a wide range of products, including men’s, women’s, and kids’ innerwear, winter wear, socks, and slacks for women, all featuring diverse colors and designs.
With a presence in over 46 countries, Lux Industries exports its products globally, and the company boasts an extensive portfolio of ~5,000 SKUs under various Brands and Sub Brands of LUX.
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