https://www.taxtmi.com/caselaws?id=445035 The Tribunal upheld the order of the Adjudicating Officer of SEBI, concluding that the appellant, a Vice Chairman and Managing Director, engaged in insider trading by purchasing shares during an Unpublished Price Sensitive Information (UPSI) period. Despite the appellant's contention of pre-clearance and disclosures, the Tribunal found that the trades were based on UPSI, violating the SEBI Act and PIT Regulations. The appeal was dismissed, and the penalty of Rs. 10 lakhs was affirmed, underscoring the requirement for insiders to demonstrate their trades are not influenced by UPSI. No costs were ordered. en-us Mon, 04 Sep 2023 00:00:00 +0530 Fri, 27 Oct 2023 10:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445035 The Tribunal upheld the order of the Adjudicating Officer of SEBI, concluding that the appellant, a Vice Chairman and Managing Director, engaged in insider trading by purchasing shares during an Unpublished Price Sensitive Information (UPSI) period. Despite the appellant's contention of pre-clearance and disclosures, the Tribunal found that the trades were based on UPSI, violating the SEBI Act and PIT Regulations. The appeal was dismissed, and the penalty of Rs. 10 lakhs was affirmed, underscoring the requirement for insiders to demonstrate their trades are not influenced by UPSI. No costs were ordered. Case-Laws SEBI Mon, 04 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445035