SEBI v. Ashok Jaipuria (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 Ashok Jaipuria over alleged insider trading in Cosmo Films shares, without admission or denial. He paid a settlement amount of Rs 49,40,000.

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

4.9m 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 Ashok Jaipuria and the matter concerns shares of Cosmo Films Limited. It is one of three settlements dated the same day, the others being for Suraj Nangia and Rakesh Nangia.

SEBI had begun adjudication under section 15G of the SEBI Act, alleging that he dealt in the shares while holding unpublished price sensitive information, in breach of section 12A(d) of the SEBI Act and Regulation 4(1) of the PIT Regulations. The notice was issued in December 2022. As a settlement order, it states the allegation but makes no findings.

He applied in December 2022 to settle under the 2018 Settlement Regulations, neither admitting nor denying the findings of fact or conclusions of law. After an internal committee meeting and revised terms, SEBI's high powered advisory committee recommended closing the case on payment of Rs 49,40,000 as the settlement amount. The order mentions no separate disgorgement.

The whole-time members approved the terms on 3 August 2023, payment was reported in August and confirmed, and the proceedings were disposed of under section 15JB of the SEBI Act. The monetary figure recorded here is the Rs 49,40,000 settlement amount.

SEBI reserved the right to restore the proceedings if disclosure was incomplete or undertakings were broken. The record does not show his trades, the information at issue, his relationship with the company, or any later 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.