SEBI v. Pradeep Kumar Sharma (Vaibhav Global insider trading allegation, 2022)

Dismissed

✓ 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 December 2022 a SEBI whole-time member closed, without any direction or penalty, an insider-trading case against Pradeep Kumar Sharma over his 2015 sales of Vaibhav Global shares. The tip was said to have come from his wife, and an earlier order had already cleared her of passing it on.

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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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

SEBI whole-time member Ananta Barua issued this final order on 21 December 2022 on a show cause notice of 28 October 2021 against Pradeep Kumar Sharma, in the matter of Vaibhav Global Limited, an electronic retailer of fashion jewellery listed on NSE and BSE.

SEBI's investigation covered 2 January to 21 August 2015. It alleged that between 28 April and 5 May 2015, before the company announced its results on 21 May 2015 with no final dividend, Mr Sharma sold 7,488 shares for about Rs 59.9 lakh while holding unpublished price sensitive information. The trading window had been announced as closed from 6 to 22 May 2015. SEBI proposed to charge him under regulation 3 of the 1992 insider-trading regulations, regulation 12 of the 2015 regulations and section 12A of the SEBI Act, with disgorgement of the loss avoided and penalty.

The case against him rested on the allegation that his wife, Reeta Sharma, an insider, communicated the information to him. A separate adjudication order of 30 June 2022 had disposed of the charge against Ms Sharma of communicating that information to him, without a finding of guilt, and the order notes that SEBI had not sought a review of it.

The member held that, with that charge gone, the allegation that Mr Sharma was in possession of the information through his wife could not be sustained, and so the charge that he traded while in possession of it could not stand either. He disposed of the notice without any directions, and did not examine the noticee's other arguments.

The record does not show whether SEBI appealed, how the shares were in fact sold or why, or whether the sales caused any avoided loss. No sanction was imposed. No criminal case is described.

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. 2022-12-21 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.