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    <title>2025 (11) TMI 963 - THE SECURITIES APPELLATE TRIBUNAL, MUMBAI</title>
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    <description>WhatsApp messages limited to family and matrimonial exchanges did not show any discussion of trading or confidential corporate information, so they could not support an inference of insider trading. A single telephone call, without reliable corroboration, was held insufficient to prove communication of unpublished price sensitive information. The trader&#039;s pattern of investments across several sectors and multiple scrips during the relevant period supported the explanation that he was acting as a sector-agnostic investor in the ordinary course of business. On that material, the allegation that the shares were purchased on the basis of unpublished price sensitive information was not established, and the adverse finding could not be sustained.</description>
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      <description>WhatsApp messages limited to family and matrimonial exchanges did not show any discussion of trading or confidential corporate information, so they could not support an inference of insider trading. A single telephone call, without reliable corroboration, was held insufficient to prove communication of unpublished price sensitive information. The trader&#039;s pattern of investments across several sectors and multiple scrips during the relevant period supported the explanation that he was acting as a sector-agnostic investor in the ordinary course of business. On that material, the allegation that the shares were purchased on the basis of unpublished price sensitive information was not established, and the adverse finding could not be sustained.</description>
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