SEBI v. Greatdeal Finconsult Advisors LLP and others (Piramal Enterprises settlement, 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.

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In July 2024 SEBI settled insider trading proceedings against an investment LLP and two individuals over purchases of Piramal Enterprises shares ahead of quarterly results. The settlement amounts totalled Rs 18,80,23,563, with disgorgement of Rs 15,32,95,440 plus interest and a six-month voluntary debarment.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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Penalty as published

188m 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 chief general manager, Dr Anitha Anoop, issued a settlement order on 25 July 2024. The applicants were Greatdeal Finconsult Advisors LLP, Benaifer Jijina and Khushru Burjor Jijina. Mr Jijina was managing director of Piramal Capital Housing Finance Limited, a subsidiary that SEBI said contributed about 42 per cent of the revenue of Piramal Enterprises Limited in 2018-19, and was a designated partner of the LLP, which was managed by his wife.

A show cause notice of May 2023 alleged that Mr Jijina held unpublished price sensitive information about the parent company's results for the quarter ended June 2018. It alleged the LLP borrowed Rs 212.51 crore from the Piramal Welfare Trust in June 2018, a trust whose benefits were decided by authorised representatives of a Piramal company of which Mr Jijina was one, and used it to buy 8,50,000 Piramal Enterprises shares worth Rs 211.23 crore before the results were published on 30 July 2018. SEBI put the alleged unlawful gain at Rs 15,32,95,440.

The applicants applied to settle without admitting or denying findings of fact or conclusions of law. After committee review, the approved terms were settlement amounts of Rs 17,43,73,563 for the LLP, Rs 45,50,000 for Ms Jijina and Rs 91,00,000 for Mr Jijina (Rs 18,80,23,563 in all), disgorgement of Rs 15,32,95,440 paid jointly and severally, simple interest of Rs 9,41,94,798 on that gain, and voluntary debarment from the securities market for six months.

SEBI confirmed receipt of the settlement and disgorgement amounts in July 2024 and disposed of the proceedings, with SEBI reserving the right to act again if a representation proves untrue, an undertaking is breached or the terms were miscalculated. A settlement contains no finding that a violation occurred.

The record does not show whether the shares were later sold, any examination of the trust's role beyond the allegations, or any criminal case. Disgorgement and interest are stated in rupees and are not included in the settlement total recorded here.

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. 2024-07-25 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
• 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.