SEBI v. Markand Adhikari and others (insider trading and late disclosure, TV Vision adjudication, 2023)

Judgment entered

✓ 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 March 2023 a SEBI adjudicating officer penalised the managing director, the chief financial officer, the CFO's wife and the company of TV Vision Ltd over a September 2017 credit rating downgrade. The order found the information was passed on and traded on before it was public, and that the company disclosed it late. Three other noticees were cleared.

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

This order, issued on the same day as a separate SEBI whole-time member order about the same events, concerns TV Vision Ltd (TVVL), whose listed shares trade on the NSE and BSE. The rating agency CARE downgraded the company's term loan to D on 21 September 2017 and posted the change on its website that day. TVVL told the exchanges only on 27 September 2017. Seven noticees were named: managing director Markand Adhikari, his relatives Ramchandra and Kaustubh Purohit and a company, Assent Trading, the vice president for finance and CFO Anand Shroff, his wife Rupal Anand Shroff, and TVVL.

SEBI alleged insider trading under section 12A of the SEBI Act and the 2015 insider trading regulations by Mr Adhikari, who it said passed the information on, and by Mr Shroff, who it said passed it to his wife, as well as by recipients who sold shares. It also alleged that the company breached the listing rule requiring disclosure of a rating change within 24 hours and the fair-disclosure principles, and that Mr Adhikari failed in his board duty to oversee disclosure.

The adjudicating officer shortened the period of unpublished information to 1 to 21 September 2017, since the rating was public on CARE's site on the 21st. That led her to clear Assent Trading and the two Purohits, whose sales came on 25 and 26 September. She found the charges proved against Mr Adhikari and Mr Shroff for communicating the information, against Mrs Shroff, who sold 8,000 shares from 19 September after, in the officer's view, a sudden reversal of her long-term holding that her explanation did not account for, and against the company for late disclosure. She treated the delay as a mitigating factor, being a delay and not a non-disclosure.

The order's penalty table is internally inconsistent: it lists Rs 20,00,000 and Rs 5,00,000 for Mr Adhikari under sections 15G and 23H but writes the first amount in words as ten lakh, and shows Rs 10,00,000 for each of Mr and Mrs Shroff and Rs 6,00,000 for the company. Because of the mismatch this library leaves the headline penalty blank. No market bar or disgorgement was ordered.

The record does not show appeals, payment, or the recipients' identities beyond the noticees. It describes no criminal case. Related findings from the same events appear in a separate record.

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. 2023-03-31 SEBI adjudication 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.