EPL Limited reported an insider trading violation by Rajiv Hargopal Verma, President of Technology and Printing. The disclosure, filed on October 13, 2026, details unauthorized share transactions conducted in August and September 2026.

The violations involved the sale of 6,686 equity shares on August 19, 2026, and the purchase of 1,000 equity shares on September 1, 2026. Both transactions were executed without obtaining the mandatory pre-clearance approval required under the company's Insider Trading Code of Conduct and SEBI regulations.

Details of the Violations

The company identified two specific breaches of the Code of Conduct. The first instance involved selling shares without prior clearance. The second instance involved purchasing shares during the contra-trade restriction period, also without pre-clearance. The total value of these trades was approximately ₹16.5 lakh based on average transaction values.

Company Response and Findings

Following an internal review, EPL Limited determined that the trades were inadvertent and unintentional. The company noted that these activities did not result in any profit or loss for the designated person. Consequently, the board issued a formal 'caution' to Verma rather than imposing stricter penalties.

The filing confirmed that this was the first instance of such a violation since the last financial year. No monetary penalty was collected for the code of conduct breach, and no amount was transferred to the SEBI Investor Protection and Education Fund (IPEF).

Regulatory Context

The intimation was submitted in compliance with the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. The company referenced the Master Circular dated March 23, 2023, as amended on May 15, 2026, which governs the reporting format for such violations. The disclosure highlights the ongoing enforcement of pre-clearance protocols for designated persons within listed entities.

EPL Limited saw its shareholding pattern shift as Bandhan Mutual Fund increased its stake to 7.36% following an open market acquisition on September 25, 2026.

The asset management company, acting through its various schemes, purchased 6,07,416 equity shares. This transaction triggered a mandatory disclosure under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as the cumulative holding crossed the 2% threshold increment.

Stake progression details

Prior to this acquisition, Bandhan Mutual Fund’s last reported holding stood at 5.3083% as of September 2, 2026. The recent purchase has pushed the total equity holding significantly higher, reflecting a strategic accumulation in the packaging sector firm.

The filing confirms that the acquisition was executed entirely through the open market. There were no changes in encumbrances, warrants, or convertible securities held by the acquirer, with all such categories reported as nil both before and after the transaction.

What the numbers show

A comparison of the voting capital versus diluted capital percentages reveals a slight divergence in the impact of the purchase. While the stake in total voting capital rose by 0.1893%, the increase in diluted share capital terms was marginally lower at 0.1867%. This indicates that while the immediate voting power increased, the potential dilution effect from outstanding convertible instruments slightly dampens the proportional rise in ownership when considering full conversion scenarios.

The company’s total equity share capital remained unchanged at ₹64,16,42,346/- (32,08,21,173 equity shares of face value ₹2 each) before and after the transaction, confirming that this was a secondary market transfer rather than a primary issuance.