Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs25 lakh on two individuals after finding them guilty of insider trading in the shares of Nucleus Software Exports Ltd. In its adjudication order, SEBI says Anupam Gupta and his cousin, Nitin Kumar Garg, violated insider trading norms under the SEBI (Prohibition of Insider Trading) Regulations, 2015 and the SEBI Act, 1992. In the order, Jai Sebastian, adjudicating officer (AO) of SEBI says, "It is noteworthy that the transfer undertaken of Rs500,000 by Mr Garg to the bank account of Mr Gupta on 25 May 2023 was his highest transfer in one instalment. It is a fact that on the very same date, Mr Gupta had transferred an amount of Rs700,000 to his trading account and bought shares in the scrip of Nuc

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