String Metaverse Limited Reports Insider Trading Code Violations by Two Designated Persons
String Metaverse Limited reported insider trading code violations by two designated persons who executed contra trades within six months. Mr. Siddarth Ravishankar Sarnaik from the promoter group conducted multiple transactions in September 2025, while Independent Director Mr. Deenadayal Tripurasetty executed a minimal trade in December 2025. The company issued show cause notices, paid ₹11,207.00 penalty to SEBI for the first violation, and will review the matter in the upcoming Audit Committee meeting.
*this image is generated using AI for illustrative purposes only.
String Metaverse Limited has disclosed violations of its insider trading code by two designated persons who executed contra trades within the prohibited six-month period, as reported to BSE Limited on March 23, 2026.
First Violation Details
The primary violation involved Mr. Siddarth Ravishankar Sarnaik, a member of the promoter group, who conducted multiple transactions in the company's equity shares during September 2025. The trading activity violated Regulation 9 read with clause 10 of Schedule B of SEBI (Prohibition of Insider Trading) Regulations, 2015.
| Trade Date | Buy Quantity | Buy Value (₹) | Sell Quantity | Sell Value (₹) |
|---|---|---|---|---|
| 04-09-2025 | 250 | 68,612.50 | 0 | 0.00 |
| 05-09-2025 | 1,000 | 279,950.00 | 0 | 0.00 |
| 10-09-2025 | 4,898 | 1,162,177.00 | 1,200 | 297,508.50 |
| 12-09-2025 | 1,066 | 262,236.00 | 4,066 | 996,242.00 |
| 16-09-2025 | 1,000 | 254,550.00 | 0 | 0.00 |
| 23-09-2025 | 0 | 0.00 | 2,948 | 744,981.55 |
Second Violation Details
The second violation involved Mr. Deenadayal Tripurasetty, an Independent Director, who executed a minimal contra trade in December 2025.
| Parameter | Details |
|---|---|
| Designation | Independent Director |
| Functional Role | Non-Executive Director |
| Promoter Group Member | No |
| Buy Transaction | 1 share for ₹226.10 on 29-12-2025 |
| Sell Transaction | 1 share for ₹215.00 on 30-12-2025 |
Company Actions and Penalties
String Metaverse Limited has implemented several corrective measures in response to these violations:
- Advice letters sent via email on March 20, 2026, advising against contra trading
- Show cause notices issued on March 20, 2026, with replies received the same day
- Audit Committee review scheduled to determine further actions
- Regulatory compliance through submission of detailed violation reports
For the first violation, the company transferred ₹11,207.00 to SEBI's Investor Protection and Education Fund (IPEF) on March 23, 2026, through ICICI Bank with transaction ID 260323263911089. No penalty was applicable for the second violation due to the minimal transaction value.
Regulatory Context
Both violations constitute breaches of the company's Code of Conduct for Prevention of Insider Trading, adopted pursuant to SEBI regulations. The violations specifically relate to executing contra trades within a six-month period from the initial trade date, which is prohibited under the insider trading framework.
The company has confirmed these are the first identified violations of the Insider Trading Code and Regulations since the last financial year. String Metaverse will inform stock exchanges about additional actions once the Audit Committee meeting is conducted.
What additional penalties or sanctions might SEBI impose on String Metaverse Limited following their investigation of these insider trading violations?
How could these insider trading violations impact String Metaverse's corporate governance rating and institutional investor confidence going forward?
Will the company implement stricter pre-clearance procedures or trading windows to prevent future violations by promoters and directors?
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