SEBI v. Sahir Patel (ABC Bearings 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 September 2023 SEBI settled adjudication proceedings against Sahir Patel over alleged insider trading in ABC Bearings shares ahead of its announced merger with Timken India, without admission or denial. He paid a settlement amount of Rs 44,20,000.

The record

What was ordered

Civil penalty

—

Disgorgement

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Prejudgment interest

—

Total relief

—

Alleged gain

—

Penalty as published

4.4m 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 issued this settlement order on 18 September 2023 on an application by Sahir Patel. It concerns ABC Bearings Limited, listed on BSE, which announced on 5 July 2017 a merger with Timken India Limited through a scheme of amalgamation and arrangement.

The order recounts that the scrip closed at Rs 238.10 on 4 July 2017 and at Rs 285.70 the next day, and that SEBI's examination found trading by suspected entities on the basis of unpublished price sensitive information. SEBI alleged that Mr Patel breached the insider trading provisions, and an adjudicating officer was appointed to inquire under section 15G of the SEBI Act, with a show cause notice served in September 2022.

He offered to settle in October 2022 and submitted revised terms in March 2023, neither admitting nor denying the findings of fact or conclusions of law. SEBI's high powered advisory committee recommended closing the case on payment of Rs 44,20,000, and the whole-time members approved this on 25 July 2023. Payment was reported in August 2023.

The proceedings were disposed of on the basis of the settlement. The monetary figure recorded in this library is the Rs 44,20,000 settlement amount. As the order is a settlement, it makes no findings on what he knew or traded.

The record does not show the size of his trades, any profit, or whether SEBI later took further action. It mentions no criminal case.

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. 2023-09-18 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.