https://www.taxtmi.com/caselaws?id=457107 In a securities-fraud and insider-trading context, unlawful gains may be computed by deducting a reasonable intrinsic value from the realised sale price, and the valuation methodology adopted on the facts was upheld. The remand required individual computation of gains for each noticee, so joint and several liability was rejected. Simple interest at 12% per annum from 07.01.2009 was sustained as a normal incident of disgorgement. The restraint period was adjusted only to reflect time already served and the remand directions. Sale of pledged shares by lenders while the insider held UPSI was treated as unlawful gain, and the claimed acquisition cost of those shares was not allowed as a deduction. en-us Thu, 30 Nov 2023 00:00:00 +0530 Mon, 02 Sep 2024 17:29:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457107 In a securities-fraud and insider-trading context, unlawful gains may be computed by deducting a reasonable intrinsic value from the realised sale price, and the valuation methodology adopted on the facts was upheld. The remand required individual computation of gains for each noticee, so joint and several liability was rejected. Simple interest at 12% per annum from 07.01.2009 was sustained as a normal incident of disgorgement. The restraint period was adjusted only to reflect time already served and the remand directions. Sale of pledged shares by lenders while the insider held UPSI was treated as unlawful gain, and the claimed acquisition cost of those shares was not allowed as a deduction. Case-Laws SEBI Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457107