Co-working giant Awfis Space Solutions Limited has identified a breach of its insider trading guidelines by a senior executive, Anindita Seal Sarkar, Vice President of Sales.
The violation involved the sale of 15,764 shares valued at Rs 1.07 crore on September 30, at a price of Rs 693.02 each, followed by the purchase of 25 shares at Rs 698.44 each for Rs 17,461. These transactions were carried out without prior clearance, violating the company’s insider trading policies.
Awfis reported that the matter has been escalated to the Chairman of the Audit Committee and the Chairman of the Board. The Audit Committee is set to determine appropriate actions in accordance with the company’s Code of Conduct.
The irregularity came to light during a routine review conducted on November 26, 2024. Awfis confirmed that the transactions breached internal compliance standards and regulatory norms, prompting a referral to the Audit Committee for resolution.
Founded in 2015, Awfis has been a pioneer in providing co-working spaces and services tailored for startups, SMEs, and enterprises. The company also offers value-added services, including IT support, food and beverages, and infrastructure solutions.
Awfis has demonstrated robust financial growth, achieving a 40.5% year-on-year increase in revenue from operations. In Q2 FY25, its revenue climbed to Rs 292.38 crore compared to Rs 208.15 crore during the same period last year.
Listed on the NSE in May 2024, Awfis shares debuted at Rs 435, reflecting a 13.58% premium on its issue price of Rs 383. The stock is currently trading at Rs 732, signaling strong investor confidence.
This incident underscores the company’s commitment to upholding compliance standards as it continues to scale its market presence.