Order against Shri Dilip S. Pendse in the matter of insider trading by Shri J.E. Talaulicar in the shares of M/s. Tata Finance Limited.

Shri T. M. Nagarajan, Whole–time Member, Securities and Exchange Board of India (SEBI) has issued an order dated December 22, 2003 against Shri Dilip S. Pendse in the matter of insider trading by Shri J.E. Talaulicar in the shares of M/s. Tata Finance Limited. In the said order, Shri Pendse has been found guilty of violating Regulation 3 of SEBI (Prohibition of Insider Trading) Regulations, 1992. Shri Pendse has, accordingly, been directed to dissociate himself from the securities market and not to deal in securities henceforth for a period of 6 months.