The fact that promoters were buying shares leading up to the announcement calls for a suo motu investigation by the market regulator Sebi, said Shriram Subramanian of InGovern, a proxy advisory and corporate governance firm.

“The problem in India is that there is a lack of fear among the promoters about the market regulator, which creates its own problem,” Subramanian argued

https://www.telegraphindia.com/business/electrosteel-castings-promoters-share-buying-stirs-disquiet/cid/1794074