Tagged “securities-appellate-tribunal”

Shruti Vora v. SEBI (2021): forwarded WhatsApp results are UPSI only if the sender knew

The Securities Appellate Tribunal set aside SEBI penalties against people who forwarded company financial figures on WhatsApp shortly before official announcements. Information becomes unpublished price sensitive information only when the person circulating it knew that it was both unpublished and price sensitive, and SEBI failed to prove that knowledge on a preponderance of probabilities.