Tagged “upsi”

4 articles on upsi.

TribunalSecurities 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 Information becomes unpublished price sensitive information only when the person circulating it knew that it was both unpublished and price sensitive, and SEBI failed to prove that knowledge on a preponderance of probabilities.

Valkya Editorial·23 Jun 2026·6 min

Supreme CourtSupreme Court of India

SEBI v. Abhijit Rajan (2022): profit motive is essential to insider trading

The Supreme Court holds that mere possession of unpublished price-sensitive information is not insider trading: profit motive is essential, and a loss-making distress sale to save a firm is no wrong.

Valkya Editorial·15 Jun 2026·8 min

Landmark JudgmentSecurities and Exchange Board of India

SEBI v. Rashmi Saluja (Religare): insider trading disgorgement of ₹1.99 crore and the open-offer UPSI window

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.

Valkya Editorial·2 Jun 2026·10 min

TribunalSecurities Appellate Tribunal

Future Corporate Resources v. SEBI: when media reportage defeats a UPSI charge

SAT quashed SEBI's insider-trading order against Kishore Biyani, holding the media-reported demerger information was 'generally available', not UPSI.

Valkya Editorial·1 Jun 2026·9 min