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Sebi disposes of proceedings against Bharti Airtel, Sunil Mittal, 2 others

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NEW DELHI:Markets regulator Sebi on Thursday disposed of proceedings against four entities including Bharti Telecom Ltd and Sunil Bharti Mittal, in a matter related to alleged violation of insider trading norms while dealing in Bharti Airtel’s scrip.

The order follows an investigation conducted by Sebi in respect of trading of certain entities in the scrip of Bharti Airtel Ltd to ascertain alleged violation of the Prohibition of Insider Trading (PIT) norms.

During the period of investigation, Sunil Bharti Mittal was chairman of Bharti Airtel, Gopal Vittal was its director, Rohit Krishan Pal was the compliance officer and Bharti Telecom was the promoter.

On October 2017, Bharti Airtel in a regulatory filing announced the proposed acquisition of the consumer mobile business of Tata Teleservices Ltd and Tata Teleservices Maharashtra Ltd.

The information pertained to the acquisition was alleged to be an unpublished price-sensitive information (UPSI).

It was alleged that a transaction took place between Bharti Telecom and Gopal Vittal during the UPSI period as Vittal had sold 1.21 lakh shares of the company to Bharti Telecom on August 10, 2017 by way of a block deal.

As per the code of conduct of the firm, a pre-clearance of trades was needed from the compliance officer since the number of shares involved in the trade exceeded 50,000 scrips, to be approved in consultation with the company’s chairman.

The showcause notice levelled allegation that the compliance officer, Rohit Krishan Puri, and Bharti Airtel Chairman Sunil Bharti Mittal, by giving pre-clearance to trades to Vittal during the UPSI period violated the provisions of code of conduct under PIT regulations.

However, Sebi concluded that the information regarding the proposed acquisition was a publicly available information and the same cannot be treated as UPSI.

The information had actually become public first on July 7, 2017, and thereafter it continued to remain in circulation in public domain. Further, the application for pre-clearance of the trade was made on August 7, 2017, which was well after the UPSI period i.e. June 3, 2017, to July 7, 2017.

“The trade done by the Noticees 1 and 2 on August 10, 2017, do not fall under the UPSI period,” Sebi said.

Noticee 1 and 2 refer to Gopal Vittal and Bharti Telecom, respectively.

Vittal, being in possession of UPSI, which is a positive development, should have been holding the shares and sell the same subsequent to publication of the said information. However, he sold the share much before the alleged UPSI was made public by the company, Sebi said.

It added that therefore, the trading pattern of Gopal Vittal at the time of selling of shares to Bharti Telecom does not confirm with the UPSI, as he does not seem to have made any kind of profit or avoided any loss out of the sale of shares.

The continuous acquisition of shares of Bharti Airtel by Bharti Telecom in the past three years and no corresponding sale of shares subsequent to the publication of the price-sensitive information, do not fit in the trading pattern of an entity that would try to gain benefit out of an UPSI, it added.

Regarding Rohit Krishan Puri, Sebi noted that the pre-clearance was sought fromhim by Vittal along with the declaration that he was not in possession of UPSI.

As an additional measure of caution, Puri also discussed the same with Sunil Bharti Mittal before granting pre-clearance.

Sebi noted that “enough precautions” had been taken by him.

“Further, it is seen that no responsibility is mentioned of the chairman of a company under…model code of conduct. Therefore, Noticee 4 cannot be held liable for the violation … of model code of conduct,” Sebi said regarding Sunil Bharti Mittal.

Therefore, Sebi disposed of the charges leveled against Bharti Telecom, Sunil Bharti Mittal, Gopal Vittal and Rohit Krishan Puri.

Source: IANS

Appointments

Bharti Airtel appoints Naval Seth as head of investor relations

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NEW DELHI: Bharti Airtel, India’s leading communications solutions provider, today announced the appointment of Naval Seth as the Head of Investor Relations. In this role, Naval will spearhead Airtel’s representation amongst investors, lenders, equity partners, & financial institutions and will report to Soumen Ray, Chief Financial Officer.

Welcoming Naval to the role, Soumen Ray, Chief Financial Officer, Bharti Airtel said: “We are delighted to have Naval with us. His deep relationships with the investment community, strong subject knowledge in Equity Research and Capital Markets will add immense value to the company as we steer ahead in our growth journey. I wish Naval the very best”

Naval joins Airtel from Emkay Global Financial Services Limited where he was Deputy Head of Research. Prior to that, he had worked with ICICI Securities Limited. Naval brings with him over 14 years of experience in Equity Research and Capital Markets. He has a deep research experience across both B2B and B2C facing businesses along with a trusted relationship with the investment community.

Over the years, Naval has been recognized for in-depth and differentiated research across the sectors- Telecom, Media and Consumer Discretionary. He has also been consistently voted by institutional investors and also ranked in Asia Money polls.

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Nokia,Samsung sign 5G patent license agreement

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NEW DELHI: Finland-based company Nokia said that it has signed a new cross-license patent agreement with Samsung following the expiry of the previous agreement at the end of 2022.

Under the agreement, which covers Nokia’s fundamental inventions in 5G and other technologies, Samsung will make payments to Nokia for a multi-year period beginning 1 January 2023. The terms of the agreement remain confidential between the parties.

Jenni Lukander, President of Nokia Technologies, said: “Samsung is a leader in the smartphone industry, and we are delighted to have reached an amicable agreement with them. The agreement gives both companies the freedom to innovate, and reflects the strength of Nokia’s patent portfolio, decades-long investments in R&D and contributions to cellular standards and other technologies.”

The agreement is consistent with the assumptions that Nokia has disclosed in the long-term Nokia Technologies outlook commentary in its Financial Report for Q3 and January-September 2022 issued on October 20, 2022.

Nokia’s industry-leading patent portfolio is built on more than €130 billion invested in R&D since 2000 and is composed of around 20,000 patent families, including over 4,500 patent families declared essential to 5G. Nokia contributes its inventions to open standards in return for the right to license them on fair, reasonable and non-discriminatory (FRAND) terms. Companies can license and use these technologies without the need to make their own substantial investments in the standards, fueling innovation and the development of new products and services for consumers.

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Truke brings in BTG X1 TWS earbuds with 40ms low latency, 48 hr battery life and RGB lights

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NEW DELHI: German-origin personal audio brand Truke has come up with yet another product for audiophiles and gamers in India, called BTG X1 TWS earbuds, which come with an  introductory price of Rs 999 for today (January 4).

The all-new BTG (Born To Game) earbuds will be available at a regular price of Rs 1,499 on marketplaces like Amazon and Flipkart, Croma etc. starting tomorrow (January 5).

Truke, in a press statement, said BTG X1 delivers an ultimate gaming experience through its true gaming mode which claims to offer the best-in-class ultra-low latency of up to 40ms. Audiophiles and music lovers can relish a cinematic music experience with BTG X1’s 12mm Titanium speaker drivers, the company said.

To tune into those long gaming and music-listening sessions, the all-new Truke BTG X1 offers an unparalleled total playtime of up to 48 hours, including 10 hours of playtime on a single charge. The true wireless half-in-ear earbuds are embedded with a Quad-Mic Environmental Noise Cancellation (ENC) and comes with a 20RGB gaming characterized case design.

Pankaj Upadhyay, founder and CEO at Truke India, said, “Truke BTG X1 will immediately transform the gaming and music-listening experience of customers at a fraction of the price. The new product has been launched in response to the increasing demand for our expertise in the gaming earphones market.”

“The pandemic saw an immediate surge in the gaming sector across India, with around 507 million gamers in the country alone. Online gaming in India reached a figure of USD 1.3 billion in 2021, showcasing a 28% growth from USD 906 million in 2019. This presented us with the opportunity to broaden our horizons, and with Truke BTG X1, we can set out to provide consumers with cutting-edge, high-performing earbuds dedicated to gaming,” he said.

“Moreover, the success of our other products like BTG1, BTG2, BTG Alpha, and BTG3, which had sales of more than half a million units, clearly indicates a good foundation for BTG X1. We sincerely appreciate the support of all our loyal customers, and with the new product, promise to enhance their gaming and music experience even further,” Upadhyay noted.

The company further said the launch of this product is in complete accordance with Truke’s vision to establish itself as the go-to brand across the sound ware and sonic accessories space with its product offerings that claims to blend the best in state-of-the-art technology, power, performance, customer experience, and affordability.

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