SEBI v. Nagreeka Capital and Infrastructure Ltd and Sushil Patwari (Rupa and Company, 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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On 25 August 2023 a SEBI adjudicating officer penalised Nagreeka Capital and Infrastructure and Sushil Patwari Rs 10,00,000 each over trading in Rupa and Company shares ahead of its May 2021 results. The order found that Mr Patwari, an independent director of Rupa, passed on the results to Nagreeka, which traded.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

—

Alleged gain

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Penalty as published

2m 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

A SEBI adjudicating officer decided this matter on 25 August 2023. The noticees are Nagreeka Capital and Infrastructure Ltd and Sushil Patwari. The subject is the stock of Rupa and Company Limited, which announced its March 2021 quarter and year results after market hours on 31 May 2021; the price then rose about 20 percent the next trading day, to Rs 476.15 on NSE.

SEBI examined trading from February to June 2021, treated May 2021 as the period when the results were unpublished price sensitive information, and found 23 entities trading in it. It raised no adverse finding on 22 of them. It alleged that Mr Patwari, an independent director and audit committee member of Rupa, communicated the results to Nagreeka, and that Nagreeka traded while holding them.

The order finds both allegations made out. It holds that Mr Patwari breached section 12A(d) of the SEBI Act and Regulation 3(1) of the PIT Regulations by communicating the information, and that Nagreeka breached section 12A(d) and (e) and Regulation 4(1) by trading on it. It records that Nagreeka's gain was Rs 2,37,426.

Under section 15G of the SEBI Act the officer imposed a penalty of Rs 10,00,000 on each noticee, Rs 20,00,000 in all, payable within 45 days.

The record does not show whether either noticee appealed, nor does it state how the information was passed beyond the finding itself. It mentions no criminal case, and no disgorgement was ordered in this order.

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. 2023-08-25 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.