SEBI v. Vijaykumar Omprakash Jain and Sharda Jain (insider trading, Religare Enterprises, 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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In June 2022 two members of SEBI settled insider-trading proceedings against a married couple over trading in Religare Enterprises shares, without the couple admitting or denying the findings. They paid settlement amounts of about Rs 49 lakh in total, and the wife also paid disgorgement with interest.

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

4.9m 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

SEBI's whole-time members passed this settlement order on 10 June 2022. The applicants were Vijaykumar Omprakash Jain and his wife Sharda Jain, who each applied to settle show cause notices dated 9 July 2021 concerning trading in the shares of Religare Enterprises Limited between October 2017 and May 2018.

SEBI alleged that an independent director of Religare, appointed in January 2018, had access to unpublished price sensitive information, including that the Singh brothers would step down from the board. It alleged that Mr Jain, a friend and business partner of that director, became a connected person and so an insider, that he passed the information to his wife, and that he placed orders in her account while holding it. Ms Jain was alleged to have traded indirectly on the same information. The alleged breaches were of sections 12A(d) and 12A(e) of the SEBI Act and Regulations 3(1) and 4(1) read with 4(2) of the Prohibition of Insider Trading Regulations, 2015.

This is a settlement, not an adjudicated finding. Both applicants proposed settlement terms without admitting or denying the findings of fact and conclusions of law. An advisory committee recommended terms on 5 April 2022, and the money was received in late May 2022.

The settlement amounts were Rs 22,31,250 from Mr Jain and Rs 26,66,642 from Ms Jain, together Rs 48,97,892. Ms Jain also paid disgorgement of Rs 17,92,700 plus Rs 7,96,843 in interest at 12 percent simple. In return the order disposes of the enforcement proceedings and bars SEBI from taking other action for the same defaults, though SEBI keeps the right to revive the case if representations prove untrue or undertakings are breached.

The record does not show the trading volumes or dates, the director's own position, whether any other party was proceeded against in this order, or any criminal or civil follow-up.

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 settlement 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.