Adjudication Order in the matter of insider trading activities in the scrip of RHI Magnesita…

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 shares while in possession of unpublished price-sensitive information regarding RHI's acquisition of Dalmia OCL Limited.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, 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.
• The alleged Unpublished Price Sensitive Information (UPSI) period was from August 08, 2022, to November 19, 2022.
• The UPSI concerned RHI's proposed acquisition of 100% equity shares of Dalmia OCL Limited via a share swap agreement valued at approximately Rs. 1,708 Crore.
• SEBI noted that Mr. Agarwal was the promoter and director of Hi-Tech Chemicals Limited, whose refractory business was acquired by RHI in a transaction valued at Rs. 621 Crore.
• Call Data Records (CDR) and IPDR analysis indicated contact between Mr. Agarwal and Mr. Parmod Sagar (MD of RHI) during the UPSI period.
• A Show Cause Notice was issued on April 10, 2026, and the Adjudicating Officer was appointed on April 02, 2026.

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