SEBI finds ₹1,708 crore insider trading in RHI Magnesita case

This order addresses allegations that Mr. Raj Kumar Agarwal engaged in insider trading of RHI Magnesita India Ltd. shares while in possession of unpublished price-sensitive information (UPSI) regarding RHI's acquisition of Dalmia OCL Limited.

Mr. Raj Kumar Agarwal (Noticee), RHI Magnesita India Ltd., Hi-Tech Chemicals Limited, Dalmia OCL Limited, Dalmia Bharat Refractories Limited (DBRL), Mr. Parmod Sagar (Managing Director of RHI), Mr. Rahul Agarwal, and Mr. Shiv Kumar Choudhary.

• SEBI alleged violation of Regulation 4(1) of the SEBI (Prohibition of Insider Trading) Regulations, 2015.
• UPSI period alleged to be from August 08, 2022 (signing of letter of intent) to November 19, 2022 (public disclosure).
• The UPSI concerned RHI's proposed share swap agreement to acquire 100% of Dalmia OCL Limited for approximately Rs. 1,708 Crore.
• SEBI noted CDR and IPDR evidence showing calls and VOIP communications between the Noticee and RHI's Managing Director during the UPSI period.
• The Noticee was the promoter and director of Hi-Tech Chemicals Limited, whose refractory business was acquired by RHI for Rs. 621 Crore.
• A Show Cause Notice was issued on April 10, 2026, and the Adjudicating Officer was appointed on April 02, 2026.

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