SEBI v. Arun Verma (SAIL insider trading, 2024)

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.

Report an error in this record (sebi-83107-insider-trading-2024) by email

On 30 April 2024 a SEBI chief general manager approved the settlement of insider-trading proceedings against Arun Verma, an employee of Steel Authority of India Ltd. He paid Rs 45.50 lakh and Rs 40.10 lakh in disgorgement and agreed to a one-year voluntary debarment, without admitting or denying the allegations.

The record

What was ordered

Civil penalty

—

Disgorgement

—

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

The settlement order of 30 April 2024 concerns Arun Verma, an employee of Steel Authority of India Limited. SEBI's investigation, begun from an internal alert, concerned trading in SAIL shares around the company's results for the quarter and half year to September 2021 and its dividend declaration.

The October 2023 show cause notice alleged that Mr Verma had access to the unpublished results and traded on them in the cash, futures and options segments, using the account of his wife, Yamini Verma, who had authorised him to trade for her. It alleged a profit of about Rs 32.15 lakh and breaches of Regulation 4(1) of the insider trading regulations and section 12A of the SEBI Act.

Mr Verma applied to settle in November 2023 without admitting or denying the findings. After a revised offer, the advisory committee and the panel of whole-time members accepted settlement terms: a settlement amount of Rs 45.50 lakh, disgorgement of Rs 40,09,939 including 12 percent simple interest, and voluntary debarment from the securities market for one year.

SEBI confirmed receipt of both payments in April 2024. The order ends the proceedings and bars further enforcement for the same violation, while reserving the right to revive them if a representation proves untrue or an undertaking is breached.

The record does not show how the debarment is counted, the details of the trades, or any statement by Yamini Verma, and no finding was made because the matter was settled. It describes 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. 2024-04-30 SEBI settlement 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
• Order (PDF)

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.