SEBI v. Syed Farman Haider and Sanya Haider (insider trading in DEN Networks, 2024)

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.

Report an error in this record (sebi-84472-insider-trading-2024) by email

In June 2024 a SEBI adjudicating officer found that two related individuals breached the insider trading rules over DEN Networks shares, one by dealing while holding unpublished fundraising information and the other by passing that information on. The order imposed a monetary penalty of Rs 10,00,000 against the first noticee, with the second noticee's row in the penalty table not separately stated.

The record

What was ordered

Civil penalty

—

Disgorgement

—

Prejudgment interest

—

Total relief

—

Alleged gain

—

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.

What is alleged to have happened

A SEBI adjudicating officer, Amar Navlani, decided the matter on 28 June 2024 under the SEBI Act. The noticees were Syed Farman Haider and Sanya Haider, who the order describes as family members who met and communicated frequently and had financial dealings. SEBI's investigation covered trading in DEN Networks Limited between May 2018 and January 2019.

SEBI alleged that the company's plan to raise funds, through a public issue, depositary receipts, a qualified institutions placement or a preferential issue, was unpublished price sensitive information between 8 August and 13 October 2018. It alleged that Mr Haider traded while in possession of that information, in breach of Regulation 4(1) of the insider trading regulations read with section 12A of the SEBI Act, and that Ms Haider communicated it to him, in breach of Regulation 3(1).

The adjudicating officer found both allegations established. Relying on the pattern of contact and funds movement between the two, he concluded that she had passed the information on and that he had been an insider when he bought and later sold shares. The order quantifies the profit Mr Haider made on selling 20,500 shares bought in the sensitive period at Rs 2,03,337.

The penalty was imposed under section 15G of the SEBI Act. The order's table shows Rs 10,00,000 against Mr Haider, with the row for Ms Haider left without a separate figure in the text layer, so the library does not record a total. Payment was due within 45 days, failing which recovery could follow.

The record does not show whether either noticee appealed to the Securities Appeals Tribunal, whether the penalty was paid, or whether any other person traded on the same information. No criminal proceeding 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. 2024-06-28 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
• 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.