SEBI v. Dr. Rashmi Saluja (insider trading, Religare Enterprises, 2026)

Judgment entered

✓ Checked against the primary document on October 8, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In May 2026 a SEBI whole-time member found that the executive chairperson of Religare Enterprises sold shares while holding unpublished information about an impending open offer by the Burman group. The final order requires disgorgement of the Rs 1.99 crore loss avoided, with interest, and a Rs 40 lakh penalty.

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

—

Penalty as published

4m INR

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 INR. 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 final order of 13 May 2026 was made by a SEBI whole-time member. The only noticee is Dr Rashmi Saluja, who was executive chairperson, a key managerial person and a designated person of Religare Enterprises Limited (REL), a non-banking finance company listed on the NSE and BSE.

SEBI began its examination after a November 2023 complaint from companies of the Burman group, which had announced an open offer for 26 per cent of REL at Rs 235 a share on 25 September 2023. SEBI treated 8 September 2023, when the plan came into existence, to the opening of the market on 25 September 2023 as the period in which the information was unpublished and price-sensitive. Its case was that Dr Saluja sold REL shares in that window, in breach of the PIT Regulations and section 12A of the SEBI Act.

The order is long and the noticee filed detailed replies on whether she was an insider and whether she held the information when she traded. It finds the allegations proved on a balance of probabilities and treats her as an insider by reason of her position and the information she had. It records that no loss to a specific investor is shown, that the loss she avoided was about Rs 1.99 crore, and that nothing shows repeat conduct.

The directions require Dr Saluja to disgorge the wrongful gain, which is the loss avoided of Rs 1,99,08,933.85, with 12 per cent simple interest from the date of sale until payment, to the Investor Protection and Education Fund, and to pay a penalty of Rs 40 lakh under section 15G of the SEBI Act. The order does not restrain her from the market.

The record does not show an appeal to the Securities Appellate Tribunal, payment, or any parallel criminal case. This summary rests on the order's findings and does not reproduce its evidence.

This library tags the matter as insider trading. The tagging is ours, not the regulator's.

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 order.

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. 2026-05-13 SEBI final order directing disgorgement and penalty

Primary documents

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

• SEBI order
• SEBI order (PDF)

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 October 8, 2026. submit a correction.