https://www.taxtmi.com/caselaws?id=457107 SEBI found noticees violated insider trading provisions by dealing in securities while possessing unpublished price sensitive information. The board determined that allowing pledged shares to be sold by lenders to extinguish loan liabilities constituted unlawful gains equivalent to direct market sales. A front entity acquired shares without genuine consideration through fund round-tripping by promoters. SEBI rejected claims for acquisition cost deduction, finding the transactions were artificial attempts to legitimize improper dealings. The board imposed market access restrictions and ordered disgorgement of unlawful gains with 12% annual interest from January 2009. en-us Thu, 30 Nov 2023 00:00:00 +0530 Thu, 05 Sep 2024 21:28:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457107 SEBI found noticees violated insider trading provisions by dealing in securities while possessing unpublished price sensitive information. The board determined that allowing pledged shares to be sold by lenders to extinguish loan liabilities constituted unlawful gains equivalent to direct market sales. A front entity acquired shares without genuine consideration through fund round-tripping by promoters. SEBI rejected claims for acquisition cost deduction, finding the transactions were artificial attempts to legitimize improper dealings. The board imposed market access restrictions and ordered disgorgement of unlawful gains with 12% annual interest from January 2009. Case-Laws SEBI Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457107