Markets regulator Sebi today disposed of proceedings against late Dilip Pendse, former managing director of Tata Finance, in an insider trading case saying a penalty is not imposable as he has already been penalised through earlier orders.

It was alleged that Pendse, in 2001, had facilitated sale of one lakh shares of the company worth Rs 69 lakh held by the then Director J E Talaulicar and his family, while he was in possession of the ‘unpublished price sensitive information’ (UPSI)