OSC v. Anand Hariharan and Satish Talawdekar (insider trading, 2015)

Settled

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In 2015 the Ontario Securities Commission approved settlements with Satish Talawdekar and his friend Anand Hariharan over insider tipping and trading ahead of the acquisition of a Loral subsidiary by Talawdekar's employer, MDA. Talawdekar's order carries penalties of C$23,000 and C$55,326.40 and disgorgement of C$11,673.60.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

—

Alleged gain

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Penalty as published

C$78.3k

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in CAD. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

The Ontario Securities Commission issued its notice of hearing on March 11, 2015 and approved the settlements on April 28, 2015.

Staff alleged that Talawdekar bought shares of MacDonald, Dettwiler & Associates (MDA) knowing of its employer's planned acquisition of a major subsidiary of Loral Space & Communications, and tipped his childhood friend Hariharan, who then bought call options. Hariharan entered a separate settlement agreement; its terms are not summarised here.

The monetary figure recorded is Talawdekar's: a C$23,000 penalty for his own trading and a C$55,326.40 penalty for the tip, which together total C$78,326.40, plus disgorgement of C$11,673.60. An earlier version of this record showed only the first of the two penalties.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2015-03-06 Settlement Agreement
2. 2015-03-11 Settlement Agreement
3. 2015-03-11 Notice of Hearing
4. 2015-03-11 Notice of Hearing
5. 2015-03-11 Settlement Agreement
6. 2015-03-31 Reasons and Decision
7. 2015-04-28 Reasons and Decision

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• Tribunal proceeding
• Settlement Agreement
• Settlement Agreement
• Notice of Hearing
• Notice of Hearing
• Settlement Agreement
• Reasons and Decision
• Reasons and Decision

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.