https://www.taxtmi.com/caselaws?id=770876 Securities Appellate Tribunal at Mumbai ruled in favor of appellants in insider trading case. SEBI failed to prove appellants were "insiders" under PIT Regulations, either as "connected persons" or having access to UPSI. Tribunal found no evidence appellants had access to unpublished price sensitive information. Appellants' trading behavior over 8 years indicated long-term investment strategy rather than exploitation of insider information. SEBI bore burden of proving access to UPSI but failed to establish foundational facts. Tribunal held appellants not in violation of PIT Regulations 2015 regarding trading in company shares. en-us Fri, 02 May 2025 00:00:00 +0530 Mon, 12 May 2025 17:12:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770876 Securities Appellate Tribunal at Mumbai ruled in favor of appellants in insider trading case. SEBI failed to prove appellants were "insiders" under PIT Regulations, either as "connected persons" or having access to UPSI. Tribunal found no evidence appellants had access to unpublished price sensitive information. Appellants' trading behavior over 8 years indicated long-term investment strategy rather than exploitation of insider information. SEBI bore burden of proving access to UPSI but failed to establish foundational facts. Tribunal held appellants not in violation of PIT Regulations 2015 regarding trading in company shares. Case-Laws SEBI Fri, 02 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770876