Samir Arora, former chief investment officer of Alliance
Mutual Fund who has been barred from dealing in securities
for alleged insider trading, appeared for a personal hearing
before the Securities and Exchange Board of India (SEBI).
the hearing, Arora appeared along with his counsel, Aspi
Chenoy, before SEBI's whole-time board member, T M Nagarajan.
The closed-door hearing lasted for around two hours.
future date has been given for hearing as of now,"
Chenoy told newspersons. Arora refused to speak to reporters
after the hearing.
this month, SEBI had barred Arora from dealing in securities,
directly or indirectly, till further orders for alleged
insider trading and non-disclosures of investments.
in its interim order, had said there is a prima facie
case of insider trading by Arora. Being the fund manager
at Alliance Mutual Fund and foreign institutional investor/sub-accounts
of US-based Alliance Capital Management (ACM) Arora was
responsible for the alleged non-disclosures and wrong
disclosures under SEBI's regulations.
from this, Arora's arrangement with Henderson Global Investors
for the purchase of the stake of ACM in Alliance Mutual
Fund was in conflict with his interest as a fund manager,