German Green Steel and Power Limited has reported a violation of its Code of Conduct for the Prevention of Insider Trading. The company issued a warning to Mr. Mushirulhaq Inamulhaq Iraki and Mrs. Sanya Zafar for trading during a closed period. The company also proposes to transfer an amount equivalent to 2% of the aggregate transaction value, approximately ₹25,200, to the SEBI Investor Protection and Education Fund.
Insider Trading Violation Reported
German Green Steel and Power Limited has officially notified the stock exchanges regarding a violation of its Code of Conduct for the Prevention of Insider Trading. The report details a contravention by a Designated Person and their immediate relative, Mrs. Sanya Zafar, who is the spouse of Mr. Mushirulhaq Inamulhaq Iraki.
Details of the Violation
The violation occurred when Mrs. Sanya Zafar, an immediate relative of the Designated Person, purchased equity shares of the company during a trading window closure period. Specifically, on October 15, 2026, she purchased 7,500 equity shares for ₹9,57,075, and on October 29, 2026, she acquired an additional 3,000 equity shares for ₹3,06,660, totaling 10,500 shares for ₹12,63,735.
Corrective Actions and Penalties
In response, the company has issued a written warning to both Mr. Mushirulhaq Inamulhaq Iraki and Mrs. Sanya Zafar, advising them to ensure strict compliance with SEBI regulations and the company’s Code of Conduct. The company also proposes to transfer an amount equivalent to 2% of the aggregate transaction value, amounting to approximately ₹25,200, to the SEBI Investor Protection and Education Fund (SEBI IPEF). This action reflects the company’s zero-tolerance approach towards violations.
Mitigating Circumstances and Future Compliance
The individuals involved admitted the violation, clarifying that the transactions were inadvertent and not intended to violate the regulations. They confirmed they were not in possession of any unpublished price-sensitive information (UPSI) at the time of the trades. Considering this is the first such instance for the newly listed company, warning letters have been issued to ensure future strict compliance.
The Audit Committee, in its meeting on November 05, 2026, took note of these developments and the proposed actions.
Source: BSE
