SEBI v. Suraj Nangia (Cosmo Films insider trading settlement, 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 August 2023 SEBI settled adjudication proceedings against Suraj Nangia over alleged insider trading in Cosmo Films shares, with no admission or denial of the findings. He paid a settlement amount of Rs 45,50,000 plus disgorgement and interest.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

—

Total relief

—

Alleged gain

—

Penalty as published

4.6m 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 adjudicating officer issued this settlement order on 25 August 2023. The applicant is Suraj Nangia, and the company whose shares were traded is Cosmo Films Limited. The order sits alongside two sibling settlements made the same day for Rakesh Nangia and Ashok Jaipuria in the same matter.

SEBI had started adjudication under section 15G of the SEBI Act. It alleged that Mr Nangia traded in Cosmo Films while holding unpublished price sensitive information, in breach of section 12A(d) of the SEBI Act and Regulation 4(1) of the PIT Regulations. A show cause notice was issued in December 2022. The order is a settlement disposition and contains no findings; it does not describe the information, the trades or the profit pattern beyond a reference to a default date of 23 October 2020.

Before any adjudged outcome, Mr Nangia applied to settle under the 2018 Settlement Regulations, neither admitting nor denying the findings of fact or conclusions of law. SEBI's high powered advisory committee considered revised terms in April and July 2023 and recommended settlement on payment of Rs 45,50,000. It also called for disgorgement of unlawful gains of Rs 2,28,801 and simple interest of Rs 64,240 at 12 percent a year.

SEBI's panel of whole-time members approved the terms on 3 August 2023. The applicant reported paying the settlement amount later in August, and SEBI confirmed receipt, so the proceedings were disposed of under section 15JB of the SEBI Act. The settlement amount recorded in this library is Rs 45,50,000; the disgorgement and interest are separate and are not counted in it.

The order reserves SEBI's right to restore the proceedings if full and true disclosure was not made or if the undertakings are breached. The record does not show the trading volumes, the nature of the information, or any further action. No criminal case is mentioned.

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.