https://www.taxtmi.com/caselaws?id=314252 A mere board-level decision to evaluate corporate reorganisation options does not amount to unpublished price sensitive information unless it has crystallised into a definite proposal likely to materially affect securities prices. On the facts discussed, the record showed only exploratory consideration of demerger or restructuring possibilities, not a final or specific corporate action, so the alleged PSI-6 did not qualify as UPSI. Trades based solely on that non-qualifying information could not support an insider trading finding, and the finding was set aside for appellants whose transactions were confined to PSI-6. The matter was remitted for reconsideration on the remaining issues concerning other appellants. en-us Thu, 02 Feb 2023 00:00:00 +0530 Tue, 28 May 2024 20:36:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314252 A mere board-level decision to evaluate corporate reorganisation options does not amount to unpublished price sensitive information unless it has crystallised into a definite proposal likely to materially affect securities prices. On the facts discussed, the record showed only exploratory consideration of demerger or restructuring possibilities, not a final or specific corporate action, so the alleged PSI-6 did not qualify as UPSI. Trades based solely on that non-qualifying information could not support an insider trading finding, and the finding was set aside for appellants whose transactions were confined to PSI-6. The matter was remitted for reconsideration on the remaining issues concerning other appellants. Case-Laws SEBI Thu, 02 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314252