Besides Gaur, his wife and brother, the Securities and Exchange Board of India has named JAL Senior Vice President (Corporate Affairs) and Company Secretary Harish K Vaid and his Hindu Undivided Family, as well as the company's Wholetime Director S D Nailwal.

Sebi conducted investigation into the trading in scrips of JAL during the period of September 29-October 27, 2008.

As per investigation report and replies to Sebi's show cause notices issued in March, the regulator found that Gaur and others had violated guidelines relating to insider trading by purchasing shares during the period when trading was closed.

The noticees were found to have bought shares of the company during the period when trading window was closed while they were in possession of the unpublished price sensitive information.

Sebi said the company received the trial balances for the quarter ended September 30, 2008 from its various units in the first week of October 2008.

It said the consolidated trial balance of JAL for the quarter ended September 30, 2008 was available on October 12, 2008 and the company's board approved the consolidated quarterly results on October 21, 2008 as well as declared interim dividend of 15 per cent.

It had also approved issuance of shares on rights basis.

"In view of the above, the period from October 11, 2008 to October 21, 2008 was considered as the period when the information about the financial results and interim dividend was unpublished price sensitive information," Sebi order said.

Gaur, his wife Urvashi Gaur and his brother Sameer Gaur have been given a penalty of Rs 10 lakh each.