https://www.taxtmi.com/caselaws?id=301974 Insider trading may be established on a preponderance of probabilities through cumulative circumstantial evidence showing access to unpublished price sensitive information, connected relationships, suspicious trade timing, and related funding arrangements. Merger discussions can constitute price sensitive information, and direct proof is not essential where foundational facts and surrounding circumstances support the inference. Disgorgement is an equitable remedy to prevent unjust enrichment, and trading gains may be quantified from the actual purchase-sale spread; interest may run from the date the unlawful gain arose. Delay and natural justice objections fail where investigation is extensive, notice follows completion of investigation, and adequate opportunities to inspect documents and respond are given. en-us Mon, 02 Aug 2021 00:00:00 +0530 Thu, 28 Apr 2022 21:37:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301974 Insider trading may be established on a preponderance of probabilities through cumulative circumstantial evidence showing access to unpublished price sensitive information, connected relationships, suspicious trade timing, and related funding arrangements. Merger discussions can constitute price sensitive information, and direct proof is not essential where foundational facts and surrounding circumstances support the inference. Disgorgement is an equitable remedy to prevent unjust enrichment, and trading gains may be quantified from the actual purchase-sale spread; interest may run from the date the unlawful gain arose. Delay and natural justice objections fail where investigation is extensive, notice follows completion of investigation, and adequate opportunities to inspect documents and respond are given. Case-Laws SEBI Mon, 02 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301974