{"id":247253,"date":"2021-04-17T15:40:12","date_gmt":"2021-04-17T10:10:12","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=247253"},"modified":"2021-04-17T14:00:11","modified_gmt":"2021-04-17T08:30:11","slug":"price-sensitive-information","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/","title":{"rendered":"SAT | \u201cForwarded as received\u201d&#8211; Whatsapp messages needs to be proved by preponderance of probabilities for it to be deemed as unpublished price sensitive information| SEBI\u2019s order set aside"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Securities Appellate Authority (SAT):<\/strong> A Coram of Tarun Agarwala, J. (Presiding Officer), Dr C.K.G Nair (Member) and M.T. Joshi, J.( Judicial Member) has set aside an order passed by SEBI\u2019s insider trading charges against employees of stockbroking firm who had \u2018forwarded as received\u2019 messages on Whatsapp regarding unpublished quarterly results of leading companies.<\/p>\n<p style=\"text-align: justify;\">The pertinent question involved was:<\/p>\n<p style=\"text-align: justify;\">Whether a \u201cforwarded as received\u201d WhatsApp message circulated on a group regarding quarterly financial results of a Company closely matching with the vital statistics, shortly after the in-house finalization of the financial results by the Company and some time before the publication\/disclosure of the same by the concerned Company, would amount to an unpublished price sensitive information under the provisions of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (PIT Regulations, 2015).<\/p>\n<p style=\"text-align: justify;\">The counsel for the appellant argued that merely passing of the information without any trading in the scrips of the concerned company, would not amount to a violation of PIT Regulations. Further, that the respondents failed to prove any preponderance of probabilities that the impugned messages were unpublished price sensitive information, that the appellants knew that it was unpublished price sensitive information and with the said knowledge they or any of them had passed the said information to other parties.<\/p>\n<p style=\"text-align: justify;\">SEBI while answering in affirmation had penalised the appellant for releasing Unpublished Price Sensitive Information related to financial results of Asian Paints through WhatsApp messages. Besides, other analysts from other brokerages were also fined. The Adjudicating Officer in all the proceedings before him answered the question in the affirmative and imposed a 10 penalty of Rs. 1500000\/, on the appellants in each of the proceedings.<\/p>\n<p style=\"text-align: justify;\">The Appellate Tribunal refuting the same, was of the opinion, <em>\u201c\u2026that merely passing of the information without any trading in the scrips of the concerned company, would not amount to violation of PIT Regulations\u2026\u201d.<\/em> Also took note of the fact, \u201c\u2026that trading having possession of unpublished price sensitive information is prohibited. However, since Regulation 3, PIT Regulations, 2015, clearly prohibits passing of unpublished price sensitive information otherwise than for valid reasons. However, in the facts of the case, in our view, the respondents failed to prove any preponderance of probabilities that the impugned messages were unpublished price sensitive information, that the appellants knew that it was unpublished price sensitive information and with the said knowledge they or any of them had passed the said information to other parties. Resultantly the Coram set aside the order.[Shruti Vora v. SEBI, Misc. Application No.347 of 2020 and Appeal No. 309 of 2020, decided on 22-03-2021]<\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><strong>Counsel for the Appellants<\/strong><\/p>\n<p style=\"text-align: justify;\">Somasekhar Sundaresan with Kunal Katariya, Sahebrao Wamanrao Buktare, and Ravi Vijay Ramaiya, Chartered Accountant i\/b. Shah &amp; Ramaiya Chartered Accountants for the Appellant Shruti Vora.<\/p>\n<p style=\"text-align: justify;\">\u00a0Kunal Katariya with Sahebrao Wamanrao Buktare, and Ravi Vijay Ramaiya, Chartered Accountant i\/b. Shah &amp; Ramaiya Chartered Accountants for the Appellant Neeraj Kumar Agarwal.<\/p>\n<p style=\"text-align: justify;\">Pesi Modi with Kunal Katariya, \u00a0Sahebrao Wamanrao Buktare and Ravi Vijay Ramaiya, Chartered Accountant i\/b. Shah &amp; Ramaiya Chartered Accountants for the Appellant Parthiv Dalal.<\/p>\n<p style=\"text-align: justify;\">\u00a0Deepak Dhane, with Ramakant Kini, i\/b Sterling Associates for the Appellant.<\/p>\n<p style=\"text-align: justify;\"><strong>Counsel for the Respondent<\/strong><\/p>\n<p style=\"text-align: justify;\">Zal Andhyarujina with Suraj Choudhary, Nidhi Singh, \u00a0Maithalli Parikh, \u00a0Kinjal Bhatt, \u00a0Hersh Choudhary, i\/b. Vidhii Partners for the Respondent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Securities Appellate Authority (SAT): A Coram of Tarun Agarwala, J. (Presiding Officer), Dr C.K.G Nair (Member) and M.T. Joshi, J.( Judicial Member) <\/p>\n","protected":false},"author":67011,"featured_media":209781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[45710,23124,34776,16151],"class_list":["post-247253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-forwarded-messages","tag-insider-trading","tag-price-sensitive-information","tag-whatsapp"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SAT | \u201cForwarded as received\u201d-- Whatsapp messages needs to be proved by preponderance of probabilities for it to be deemed as unpublished price sensitive information| SEBI\u2019s order set aside | SCC Times<\/title>\n<meta name=\"description\" content=\"Price Sensitive Information\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SAT | \u201cForwarded as received\u201d-- Whatsapp messages needs to be proved by preponderance of probabilities for it to be deemed as unpublished price sensitive information| SEBI\u2019s order set aside\" \/>\n<meta property=\"og:description\" content=\"Price Sensitive Information\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-17T10:10:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1330\" \/>\n\t<meta property=\"og:image:height\" content=\"887\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/\",\"url\":\"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/\",\"name\":\"SAT | \u201cForwarded as received\u201d-- Whatsapp messages needs to be proved by preponderance of probabilities for it to be deemed as unpublished price sensitive information| SEBI\u2019s order set aside | SCC Times\",\"isPartOf\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg\",\"datePublished\":\"2021-04-17T10:10:12+00:00\",\"author\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/84e42bab48238baf12c7e33b3d9761fe\"},\"description\":\"Price Sensitive Information\",\"breadcrumb\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/#primaryimage\",\"url\":\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg\",\"contentUrl\":\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg\",\"width\":1330,\"height\":887},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.scconline.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SAT | \u201cForwarded as received\u201d&#8211; Whatsapp messages needs to be proved by preponderance of probabilities for it to be deemed as unpublished price sensitive information| SEBI\u2019s order set aside\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.scconline.com\/blog\/#website\",\"url\":\"https:\/\/www.scconline.com\/blog\/\",\"name\":\"SCC Times\",\"description\":\"Bringing you the Best Analytical Legal News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.scconline.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/84e42bab48238baf12c7e33b3d9761fe\",\"name\":\"Editor\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/34e366be721c41333586de05faa13743195f5b142dcd7a015c6fabd2389521d0?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/34e366be721c41333586de05faa13743195f5b142dcd7a015c6fabd2389521d0?s=96&d=mm&r=g\",\"caption\":\"Editor\"},\"url\":\"https:\/\/www.scconline.com\/blog\/post\/author\/editor_4\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"SAT | \u201cForwarded as received\u201d-- Whatsapp messages needs to be proved by preponderance of probabilities for it to be deemed as unpublished price sensitive information| SEBI\u2019s order set aside | SCC Times","description":"Price Sensitive Information","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/","og_locale":"en_US","og_type":"article","og_title":"SAT | \u201cForwarded as received\u201d-- Whatsapp messages needs to be proved by preponderance of probabilities for it to be deemed as unpublished price sensitive information| SEBI\u2019s order set aside","og_description":"Price Sensitive Information","og_url":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/","og_site_name":"SCC Times","article_publisher":"https:\/\/www.facebook.com\/scc.online\/","article_published_time":"2021-04-17T10:10:12+00:00","og_image":[{"width":1330,"height":887,"url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg","type":"image\/jpeg"}],"author":"Editor","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Editor","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/","url":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/","name":"SAT | \u201cForwarded as received\u201d-- Whatsapp messages needs to be proved by preponderance of probabilities for it to be deemed as unpublished price sensitive information| SEBI\u2019s order set aside | SCC Times","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/#primaryimage"},"image":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/#primaryimage"},"thumbnailUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg","datePublished":"2021-04-17T10:10:12+00:00","author":{"@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/84e42bab48238baf12c7e33b3d9761fe"},"description":"Price Sensitive Information","breadcrumb":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/#primaryimage","url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg","contentUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg","width":1330,"height":887},{"@type":"BreadcrumbList","@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/price-sensitive-information\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.scconline.com\/blog\/"},{"@type":"ListItem","position":2,"name":"SAT | \u201cForwarded as received\u201d&#8211; Whatsapp messages needs to be proved by preponderance of probabilities for it to be deemed as unpublished price sensitive information| SEBI\u2019s order set aside"}]},{"@type":"WebSite","@id":"https:\/\/www.scconline.com\/blog\/#website","url":"https:\/\/www.scconline.com\/blog\/","name":"SCC Times","description":"Bringing you the Best Analytical Legal News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.scconline.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/84e42bab48238baf12c7e33b3d9761fe","name":"Editor","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/34e366be721c41333586de05faa13743195f5b142dcd7a015c6fabd2389521d0?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/34e366be721c41333586de05faa13743195f5b142dcd7a015c6fabd2389521d0?s=96&d=mm&r=g","caption":"Editor"},"url":"https:\/\/www.scconline.com\/blog\/post\/author\/editor_4\/"}]}},"jetpack_featured_media_url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":262175,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/22\/zee-insider-trading-case\/","url_meta":{"origin":247253,"position":0},"title":"Zee Insider Trading Case | In absence of direct evidence, matters of insider trading are to be tested on what grounds? SEBI lifts restrictions on 10 entities","author":"Bhumika Indulia","date":"February 22, 2022","format":false,"excerpt":"Securities Exchange Board of India (SEBI): The Coram of Santosh Kumar Mohanty (Whole Time Member) lifted restrictions imposed on 10 Entities who were alleged in insider trading, though the Tribunal added that the said relaxation was being granted subject to the outcome of appeal proceedings filed by SEBI against SAT\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":220365,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/30\/informant-mechanism-sebis-latest-scheme-to-tackle-insider-trading\/","url_meta":{"origin":247253,"position":1},"title":"Informant Mechanism \u2014 SEBI\u2019S latest scheme to tackle Insider Trading","author":"Bhumika Indulia","date":"September 30, 2019","format":false,"excerpt":"by Utkarsh Jhingan\u2020 and Rakshit Raj Singh\u2020\u2020","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/09\/AdobeStock_120321887.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/09\/AdobeStock_120321887.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/09\/AdobeStock_120321887.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/09\/AdobeStock_120321887.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/09\/AdobeStock_120321887.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":267286,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/05\/23\/insider-trading-sebis-restriction-on-infosys-employees-for-trading-securities-lifted-by-sat\/","url_meta":{"origin":247253,"position":2},"title":"Insider Trading | SEBI\u2019s restriction on Infosys employees for trading securities lifted by SAT: Read 5 reasons why SAT lifted restrictions","author":"Bhumika Indulia","date":"May 23, 2022","format":false,"excerpt":"Securities Appellate Tribunal, Mumbai (SAT): While lifting the restriction of buying or selling any securities, laid down by SEBI on employees of Infosys for allegedly violating the insider trading regulations, the Coram of Justice Tarun Agarwala (Presiding Officer) and Justice M.T. Joshi (Judicial Member) reiterated the settled law that burden\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/SATInfy.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/SATInfy.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/SATInfy.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/SATInfy.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/SATInfy.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":355577,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/04\/sebi-fines-trader-10lakh-for-insider-trading-during-hdfc-merger\/","url_meta":{"origin":247253,"position":3},"title":"SEBI hits Trader with Rs 10 lakh penalty for insider trading in HDFC-HDFC Bank merger","author":"Editor","date":"August 4, 2025","format":false,"excerpt":"\u201cIf the Unpublished Price Sensitive Information had not been disclosed on the day the prices moved up phenomenally, the Noticee would have undoubtedly lost the premium it paid for the purchase of call options in the scrips of HDFC Ltd. and HDFC Bank Ltd.\u201d","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/blog-1-70.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/blog-1-70.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/blog-1-70.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/blog-1-70.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":271117,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/03\/insider-trading-what-must-the-regulator-prove-balram-garg-v-sebi-a-case-comment\/","url_meta":{"origin":247253,"position":4},"title":"Insider Trading: What must the Regulator Prove?  Balram Garg v. SEBI: A case comment","author":"Bhumika Indulia","date":"August 3, 2022","format":false,"excerpt":"by Varghese George Thekkel\u2020","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"Insider Trading","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/17_MicrosoftTeams-image.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/17_MicrosoftTeams-image.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/17_MicrosoftTeams-image.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/17_MicrosoftTeams-image.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/17_MicrosoftTeams-image.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":278866,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/11\/30\/sebi-issued-prohibition-of-insidertrading-amendment-regulations-2022-further-amend-prohibition-of-insidertrading-regulations-2015-legal-research-update-news\/","url_meta":{"origin":247253,"position":5},"title":"Chapter for restrictions on communication in relation to and trading by insiders in the units of mutual funds introduced vide SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2022","author":"Editor","date":"November 30, 2022","format":false,"excerpt":"\u00a0 \u00a0 On 24-11-2022, the Securities and Exchange Board of India (\u2018SEBI\u2019) has issued the SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2022 to further amend the SEBI (Prohibition of Insider Trading) Regulations, 2015. Key Points: Chapter- II A has been inserted which emphasizes restrictions on communication in relation to\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/MicrosoftTeams-image44.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/247253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=247253"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/247253\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/209781"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=247253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=247253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=247253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}