2025 (12) TMI 459

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..... Adv., Mr. K. R. Sasiprabhu, AOR, Mr. Aditya Swarup, Adv., Mr. Amey Nabar, Adv., Ms. Swati N Jain, Adv., Mr. Vishnu Sharma A S, Adv., Mr. Yasharth Misra, Adv., Mr. Madhav Aggarwal, Adv. For the Respondent(s): Mr. Tushar Mehta, Solicitor General, Mr. Amarjit Singh Bedi, Adv., Ms. Surekha Raman, Adv., Mr. Shreyash Kumar, Adv., Mr. Yashwant Sanjenbam, Adv., Mr. Sidharth Nair, Adv., Mr. Harshit Si....

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.... on 04.03.2020. When the negotiations were on-going, on 24.03.2020, the Financial Times, London, published a news article indicating that 'Facebook was close to signing a preliminary deal to acquire 10% shares in Reliance Jio'. As a sequence thereto, other news articles were also published in various international and Indian media on the very same day or the early morning of the next day. 3. Th....

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....lly available, and principle (4) enjoins prompt dissemination of unpublished price sensitive information that has been selectively disclosed to make the same generally available. Eventually, the SEBI held the appellant guilty of violation of the principles of the 2015 Regulations and imposed a penalty of Rs.30,00,000/- (Rupees Thirty Lacs). On appeal, the Tribunal vide the impugned order has uphel....

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....ght of the following factual scenario, which remains uncontroverted: "It was seen that post publication of the aforesaid news articles on March 24, 2020 and March 25, 2020, the price rise in the scrip of RIL was almost 15% (against the previous day closing price) on March 25,2020. On the other hand, post corporate announcement on April 22, 2020 price rise in the scrip was around 10% again....