SEBI v. Siddharth Dinesh Mehta (Religare Enterprises settlement, 2022)

Settled

✓ 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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On 27 May 2022 SEBI settled insider-trading proceedings against Siddharth Dinesh Mehta over Religare Enterprises, on payment of Rs 22,31,250, without he admitting or denying the findings. He was alleged to have passed on unpublished information about the Singh brothers' planned exit from the board.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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Penalty as published

2.2m 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

Two whole-time members of SEBI, S K Mohanty and Ananta Barua, passed a settlement order on 27 May 2022. The applicant, Siddharth Dinesh Mehta, settled enforcement proceedings begun by a show-cause notice of 9 July 2021, without admitting or denying the findings of fact or conclusions of law, under the 2018 settlement regulations.

SEBI's investigation looked at trading in Religare Enterprises Ltd (REL) from October 2017 to May 2018. The notice alleged that Mr Mehta was associated with Ashok Mehta, who joined REL's board in January 2018 to help revive its finances and raise funds, on an implicit understanding that Malvinder Mohan Singh and Shivinder Mohan Singh would leave the board in due course. SEBI treated that planned exit as unpublished price-sensitive information. It alleged that Mr Mehta, as a close associate, an active participant in the fund-raising and the largest investor through related entities, was an insider, and that he passed the information to Dilipkumar Lakhi and Vipul Modi, who traded on it.

The provisions invoked were section 12A(d) and (e), plus Regulations 3(1) and 4(2) of the 2015 insider trading regulations. A high-powered advisory committee recommended settlement on 5 April 2022 on payment of Rs 22,31,250, which he paid on 6 May 2022.

The order closes the proceedings against him and bars further enforcement for the same default, but SEBI can resume if a representation proves untrue, an undertaking is breached or the terms were miscalculated.

The record does not show what he or the people he allegedly informed gained, or the details of the trades. A settlement is not a finding of fact. The related settlements of Messrs Lakhi and Modi are in separate records.

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. 2022-05-27 SEBI order

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

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.