SEBI v. Fenton Investments Pvt Ltd and Arvind Singhania (insider trading settlement, 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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Fenton Investments and its director Arvind Singhania settled SEBI's insider trading case over Varun Beverages shares, neither admitting nor denying the findings. They paid Rs 45.5 lakh as the settlement amount and also disgorged the alleged gain of about Rs 11.4 lakh 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

4.6m 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 settlement order was passed on 1 August 2022 by two whole-time members of the Securities and Exchange Board of India. The applicants were Fenton Investments Private Limited and Arvind Singhania, a director of Fenton, who applied jointly under the Settlement Proceedings Regulations 2018 while a show cause notice of 29 November 2021 was pending.

SEBI alleged that Mr Singhania was professionally connected to Ravi Kant Jaipuria, chairman of Varun Beverages Limited, and that both were in Bangkok between 27 December 2017 and 2 January 2018. It alleged that Mr Jaipuria knew unpublished information about a strategic partnership with PepsiCo India for sale and distribution of a larger Tropicana portfolio, that this was passed to Mr Singhania, and that Fenton traded the shares on 28 December 2017 for a notional gain of Rs 11,43,321.

Settling without admitting or denying the facts or conclusions, the applicants, on a recommendation of SEBI's High Powered Advisory Committee, paid Rs 45,50,000 as the settlement amount and Rs 11,43,321 as disgorgement plus Rs 5,93,525 as simple interest at 12 percent. The payments were received on 1 July 2022.

The order disposes of the enforcement proceedings against the applicants for the alleged breaches of section 12A(d) and (e) of the SEBI Act and Regulation 4(1) of the PIT Regulations and bars SEBI from further action for those defaults, subject to its right to reopen if any representation proves untrue or an undertaking is breached.

The record does not show Mr Jaipuria being a respondent, any finding on whether the information was passed on, or any criminal case. Because this is a settlement, it contains no finding of violation.

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. 2022-08-01 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.