SEBI v. Venkatraman Ranganathan and others (Cerebra Integrated Technologies, 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 12 October 2023 a SEBI adjudicating officer fined three people a total of Rs 60,00,000 over trading in Cerebra Integrated Technologies shares ahead of its quarterly results in November 2021. The order found that the results were passed along a chain of four people and that the last in the chain made about Rs 16.6 lakh.

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

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

A SEBI adjudicating officer decided this matter on 12 October 2023. The four noticees are Venkatraman Ranganathan, Hariharansubramanian Venkatesh, Parthasarathi Naik and Ekta Anandalwar Naik. The shares are those of Cerebra Integrated Technologies Limited, and the period examined ran from 1 October to 13 November 2021.

SEBI alleged that the company's unaudited results for the quarter ended September 2021, announced on 13 November 2021, were unpublished price sensitive information, and that the noticees traded or passed it on. Evidence relied on included an email of 12 October 2021, call records, cell tower locations, fund transfers and the pattern of order placement.

The order finds that Mr Venkatesh communicated the information to Mr Ranganathan, who passed it to Mr Naik, who passed it to Ms Naik, whom the order treats as an insider by virtue of her access to it and her close relationship with Mr Naik. It records that Ms Naik sold 83,000 shares for Rs 63.41 lakh against a buy value of Rs 44.43 lakh, and calculated her profit at Rs 16,60,950 using the next day's closing price of Rs 73.55. It found the evidence against Mr Venkatesh insufficient beyond the email and calls, and imposed no penalty on him.

Under section 15G of the SEBI Act the officer imposed Rs 10,00,000 on Mr Ranganathan and Rs 50,00,000 on Mr Naik and Ms Naik jointly and severally, a total of Rs 60,00,000. No disgorgement is ordered in this order.

The record does not show whether anyone appealed, and the order 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. 2023-10-12 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

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.