SEBI v. Anjali Krishnadev Bahuguna and others (communicating UPSI, Sharon Bio-Medicine, 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 July 2023 a SEBI adjudicating officer found that six people tied to Sharon Bio-Medicine, including its chairperson and managing director and its chief financial officer, passed on advance knowledge of a large quarterly loss to relatives and associates who sold shares in late 2014 and early 2015. Each was fined at least Rs 10 lakh; the order's figures and words differ for two of them.

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 adjudication order was issued on 12 July 2023 by G. Ramar, a SEBI adjudicating officer. It is a companion to a final order of 22 June 2023, in which the traders who sold the shares were sanctioned. The six noticees here are Anjali Krishnadev Bahuguna, Inderdev Harshdev Bahuguna, Krishandev Harshdev Bahuguna, Asha Mohan Kala, Mohan Prasad Kala and Savita Satish Gowda. Sharon Bio-Medicine Ltd is listed on BSE and NSE.

SEBI's investigation looked at 1 September 2014 to 15 February 2015. Sharon announced on 16 February 2015 a loss of Rs 103.37 crore for the December 2014 quarter, against a profit of Rs 18.11 crore for the September quarter, and the price had already fallen 62 per cent over 54 trading days with no major public news. Five entities (three trading companies and a married couple) were found to have sold heavily beforehand and avoided losses of roughly Rs 7.19 crore, Rs 3.34 crore, Rs 7.02 crore, Rs 11.56 lakh and Rs 8.09 lakh by SEBI's early figures.

SEBI inferred that Ms Kala, a promoter, obtained the results from her husband Mohan Prasad Kala, who was non-executive director and chief financial officer, and that he had them from the chairperson and managing director Savita Satish Gowda; that Ms Kala then passed them to the traders, several of whom were her relatives or Sharon employees. The Bahuguna noticees were shareholders of the trading companies. The adjudicating officer found that the noticees, as insiders, communicated the information, in breach of section 12A(d) and (e) of the SEBI Act and Regulation 3(ii) of the PIT Regulations, and that Ms Kala also gave wrong disclosures about the invocation of a pledge over 10,00,000 shares.

The penalty table imposes Rs 10,00,000 each on the first four noticees under section 15G, an additional Rs 1,00,000 on Ms Kala under section 15HB, and, for Mr Kala and Ms Gowda, figures of Rs 15,00,000 each, although the words beside those figures read ten lakh. Because the figures and words conflict for two noticees, this record does not state a total.

The order is an administrative penalty, not a criminal judgment, and the record shows no criminal case. It does not show whether any noticee appealed or paid, and no market bar was imposed in this order.

This library tags the matter as insider trading (communication of unpublished price-sensitive information). 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. 2023-07-12 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
• 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.