SEBI Whole-Time Member Kamlesh C. Varshney finds the former Executive Chairperson of Religare Enterprises guilty of insider trading in REL shares sold 21-22 September 2023 in possession of UPSI of the Burman Group's 25 September 2023 open offer; orders ₹1.99 crore disgorgement with 12% interest, ₹40 lakh penalty, and a two-year market-access restraint.
After nineteen years and three rounds of regulatory and tribunal scrutiny, the Supreme Court has set aside SEBI's fraud finding against Reliance Industries on the 2007 RPL trades — and ordered SEBI to refund the ₹250 crore the company had already deposited. A close reading of the disposal, what survives, and why the case will be cited for years on the question of disgorgement standards.