SEBI v. Ravi Kant Jaipuria (insider trading communication, Varun Beverages, 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 a SEBI adjudicating officer settled proceedings against Ravi Kant Jaipuria, accused of passing on advance news of a Varun Beverages and PepsiCo partnership to two acquaintances who then traded. He paid Rs 55,90,000 without admitting or denying the allegations.

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

5.6m 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 order was issued on 21 June 2022 by an adjudicating officer of SEBI. The applicant was Ravi Kant Jaipuria, who was a director of Lemon Tree Hotels and, according to the related SEBI order of July 2022, chairman of Varun Beverages Limited.

SEBI alleged that a press release of 4 January 2018 announcing a strategic partnership between Varun Beverages and PepsiCo India for the larger Tropicana portfolio lifted the share price by 9.13 percent in a day and was therefore price sensitive. It alleged that Mr Jaipuria knew of the talks, which were concluded on 21 December 2017, and that two companies tied to acquaintances of his, Fenton Investment and Spank Management Services, bought shares while he and the two men were in Bangkok at the same time. Fenton bought 15,000 shares on 28 December 2017, and Spank bought 17,685 shares on 2 January 2018 and sold them on 5 January 2018.

On that basis SEBI alleged that Mr Jaipuria communicated the information, in breach of section 12A(e) of the SEBI Act and Regulation 3(1) of the Prohibition of Insider Trading Regulations, 2015. A show cause notice followed in December 2021. These are allegations; the order contains no finding because it records a settlement.

Mr Jaipuria applied under the 2018 settlement regulations, without admitting or denying the findings. Terms of Rs 55,90,000 were communicated in March 2022, approved by the advisory committee in May and by the whole-time members on 7 June 2022, and paid on 10 June 2022. The order disposes of the adjudication proceedings, reserving SEBI's right to restore them if representations prove false or undertakings are broken.

The record does not show any trading profit attributed to him, any restriction on his board roles, or whether the two traders' matter, which was settled separately, ended the case.

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. 2022-06-21 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.