SEBI v. Amit Agrawal and Murlidhar Agrawal (insider trading, Magma Fincorp, 2023)

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 May 2023 SEBI disposed of insider-trading proceedings against Amit Agrawal and Murlidhar Agrawal over trading in Magma Fincorp before the February 2021 Poonawalla Group announcement. They paid Rs 2,93,19,202 and agreed to disgorge Rs 3,49,95,920 of impounded gains, without admitting or denying the findings.

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

29.3m 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 member, Ashwani Bhatia, issued this settlement order on 17 May 2023. The applicants are Amit Agrawal and Murlidhar Agrawal, and the subject is trading in Magma Fincorp Ltd (later Poonawalla Fincorp Ltd) on NSE and BSE.

SEBI alleged that the two were insiders who knew about the Poonawalla Group's interest in investing in Magma and traded on that information between 11 January and 10 February 2021, before the company's 10 February 2021 announcement of a change of control and a Rs 3,456 crore preferential allotment. The alleged violation was of Regulation 4(1) of the PIT Regulations with section 12A(d) and (e) of the SEBI Act. An ex parte interim order of September 2021 had barred them from dealing and impounded their bank accounts, and it was confirmed with modifications in March 2022.

The alleged gains were Rs 1,23,64,227 for Murlidhar Agrawal and Rs 1,77,06,750 for Amit Agrawal. After a September 2022 show cause notice they filed a joint settlement application under the 2018 Settlement Regulations.

Following the advisory committee's recommendation, the terms were Rs 1,20,55,121 from Murlidhar Agrawal and Rs 1,72,64,081 from Amit Agrawal, a total of Rs 2,93,19,202, plus disgorgement of the already impounded Rs 3,49,95,920 jointly and severally. The applicants reported payment in April 2023 and SEBI disposed of the show cause notice, keeping its right to act again if representations were untrue or undertakings breached.

Because the settlement was made without admitting or denying, no adjudicated finding of insider trading exists in this order. The record does not show the applicants' relationship to the source of the information, any criminal case, or any appeal.

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. 2023-05-17 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
• Order (PDF)

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.