Mamaearth, a direct-to-consumer (D2C) unicorn, has reported to the stock exchanges that a high-ranking official within the company violated insider trading regulations. Honasa Consumer, the parent company of Mamaearth, disclosed in a filing to the BSE that Shuchi Garg, the startup's Vice President of Sales, engaged in share trading without obtaining prior approval from the company secretary or compliance officer. The breaches are related to the Code of Conduct outlined in the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015.
"Mamaearth's former executives violate insider trading norms by selling shares worth INR 15 lakh."
Updated: Dec 31, 2023
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