SEBI finds executive chairperson traded on insider info in Religare case

This is a final order by SEBI regarding suspected insider trading by Dr. Rashmi Saluja, the Executive Chairperson of Religare Enterprises Ltd. (REL), who allegedly sold shares to avoid losses before the public announcement of an open offer by the Burman Group.

Dr. Rashmi Saluja (Noticee), Religare Enterprises Ltd. (REL), Burman Group (M.B. Finmart Private Limited, Puran Associates Private Limited, VIC Enterprises Private Limited, Milky Investment & Trading Company), Dr. A C Burman, Mr. Arjun Lamba.

• SEBI investigated whether the Noticee traded in REL shares while in possession of Unpublished Price Sensitive Information (UPSI) regarding an impending open offer.
• The UPSI period was defined as September 8, 2023, to September 25, 2023 (date of public announcement).
• SEBI alleged the Noticee sold shares on September 21 and 22, 2023, avoiding a loss of approximately INR 1.99 crore (INR 1,99,08,933.85).
• The order cites violations of the SEBI Act, 1992, and the SEBI (Prohibition of Insider Trading) Regulations, 2015.
• The order includes a section for the computation of wrongful gain/loss avoided and a final order section, though the specific penalty amount or bar direction is not detailed in the provided text excerpt.

Written from the document by AI, and checked against it. The original below is authoritative.

The original document