SEBI v. Vipul J. Modi and Quick Trading and Investment Advisors LLP (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.

Report an error in this record (sebi-59636-insider-trading-2022) by email

On 10 June 2022 SEBI settled insider-trading proceedings against Vipul J. Modi and his trading LLP over Religare Enterprises shares, without admission or denial, for Rs 22,31,250 from him and a larger payment from the LLP that included disgorgement.

The record

What was ordered

Civil penalty

—

Disgorgement

—

Prejudgment interest

—

Total relief

—

Alleged gain

—

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.

What is alleged to have happened

Two whole-time members of SEBI, S K Mohanty and Ananta Barua, passed the settlement order on 10 June 2022. The applicants were Vipul J Modi and Quick Trading and Investment Advisors LLP, of which he was designated partner. They settled show-cause notices of 9 July 2021 without admitting or denying the findings of fact or conclusions of law, under the 2018 settlement regulations.

SEBI's investigation concerned trading in Religare Enterprises Ltd (REL) from October 2017 to May 2018. The notices alleged that Mr Modi was in frequent contact about investing in REL with Siddharth Dinesh Mehta, with whom he shared a directorship and who had earlier managed portfolio accounts for his family. Mr Mehta was said to know unpublished information that the Singh brothers would step down from REL's board. Mr Modi was therefore alleged to be a connected person and insider who traded for the LLP, whose trading account he signed for, while holding that information, and the LLP was alleged to have traded indirectly on it.

The provisions invoked were section 12A(d) and (e), with Regulations 4(1) and 4(2) of the 2015 insider trading regulations.

On 5 April 2022 SEBI's advisory committee recommended settlement on payment of Rs 22,31,250 by Mr Modi, and by the LLP of Rs 1,27,50,000 as a settlement amount together with disgorgement of Rs 38,30,000 and 12 per cent simple interest on it, stated as Rs 54,91,857. The payments were made on 23 May 2022. The order's wording does not make clear how the LLP's figures combine, so this record states no single settlement total.

The order closes the proceedings against both applicants and bars further enforcement for the same default, subject to SEBI's right to resume if a representation proves untrue, an undertaking is breached or the terms were miscalculated. A settlement is not a finding of fact, and the record does not show the details of the trades.

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. 2022-06-10 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.