Individual settles alleged insider trading case with Sebi, pays Rs 26 lakh

An individual on Wednesday settled a case with markets regulator Sebi in relation to the alleged violation of insider trading norms in the matter of Himadri Speciality Chemical Ltd after paying Rs 26 lakh as settlement charges.

The settlement order came after the applicant, Debashis Ghosh, proposed to settle the instant proceedings initiated against him "without admitting or denying the findings of facts and conclusions of law".

"In view of the acceptance of the settlement terms and the receipt of settlement amount... the instant adjudication proceedings initiated against applicant vide show cause notice dated December 28, 2022, is disposed of in terms of the ... Settlement Regulations," Sebi's Adjudicating Officer Barnali Mukherjee said in an order.

The Securities and Exchange Board of India (Sebi) had initiated adjudication proceedings against the applicant for the alleged violation of the code of conduct of PIT (Prohibition of Insider Trading) rules.

A show cause notice was issued to the applicant on December 28, 2022 for the alleged violation of the norms.

Subsequently, the applicant filed the settlement application with Sebi, which recommended to settle the matter on payment of Rs 26 lakh.

The applicant paid the amount and settled the case.