Insider Trading Case Settled with Sebi for Rs 39 Lakh
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Individual settles insider trading violation with Sebi for Rs 39 lakh. Case involved Torrent Power financial results. Details here.
Photograph: Francis Mascarenhas/Reuters
New Delhi, Sep 23 (PTI) An individual on Tuesday settled with market regulator Sebi a case of alleged violation of insider trading norms after paying Rs 39 lakh towards settlement charges.
The order came after the individual (Rishi Sudhirbahi Shah) filed a settlement application in April this year to settle the instant proceedings initiated against him, "without admitting or denying the findings of facts and conclusions of law".
"...in view of the acceptance of the settlement terms and the receipt of settlement amount by Sebi, the instant adjudication proceedings initiated against the noticee (Rishi Sudhirbahi Shah) vide SCN dated March 11, 2025, is disposed of," Sebi's Adjudicating Officer Jai Sebastian said in the order.
The Securities and Exchange Board of India (Sebi) had initiated adjudication proceedings against Shah for the alleged violation of PIT (Prohibition of Insider Trading) rules.
Thereafter, Sebi issued a show cause notice (SCN) on March 11, 2025, to Shah on account of allegations of communicating the unpublished price sensitive information related to financial results of Torrent Power for the quarter ended December 2022.
Accordingly, Rishi Sudhirbahi Shah filed revised settlement terms which were approved by the Sebi's high powered advisory committee.
The order came after the individual (Rishi Sudhirbahi Shah) filed a settlement application in April this year to settle the instant proceedings initiated against him, "without admitting or denying the findings of facts and conclusions of law".
"...in view of the acceptance of the settlement terms and the receipt of settlement amount by Sebi, the instant adjudication proceedings initiated against the noticee (Rishi Sudhirbahi Shah) vide SCN dated March 11, 2025, is disposed of," Sebi's Adjudicating Officer Jai Sebastian said in the order.
The Securities and Exchange Board of India (Sebi) had initiated adjudication proceedings against Shah for the alleged violation of PIT (Prohibition of Insider Trading) rules.
Thereafter, Sebi issued a show cause notice (SCN) on March 11, 2025, to Shah on account of allegations of communicating the unpublished price sensitive information related to financial results of Torrent Power for the quarter ended December 2022.
Accordingly, Rishi Sudhirbahi Shah filed revised settlement terms which were approved by the Sebi's high powered advisory committee.
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