SEBI v. Naysar Parikh and Ronak Narendra Parikh (PNB Housing Finance 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In August 2024 SEBI settled proceedings against two individuals accused of communicating, and trading on, unpublished price sensitive information about PNB Housing Finance Limited. The settlement amounts were Rs 50,70,000 and Rs 45,50,000 (Rs 96,20,000 in all), plus disgorgement of Rs 6,83,750 with interest by the second applicant.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

—

Total relief

—

Alleged gain

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Penalty as published

9.6m 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, Asha Shetty, issued a settlement order on 13 August 2024. The applicants were Naysar Parikh and Ronak Narendra Parikh, who were the noticees in adjudication proceedings under section 15G of the SEBI Act relating to trading in the shares of PNB Housing Finance Limited.

A show cause notice of June 2023, supplemented in July 2023, alleged that Mr Naysar Parikh communicated unpublished price sensitive information, in breach of Regulation 3(1) of the insider trading regulations read with section 12A(d), and that Mr Ronak Parikh traded in the company's shares, in breach of Regulation 4(1) read with section 12A(e). The order does not set out the nature of the information.

Both applied to settle in July 2023 without admitting or denying findings of fact or conclusions of law. After committee review, the approved terms were a settlement amount of Rs 50,70,000 from Mr Naysar Parikh, and from Mr Ronak Parikh a settlement amount of Rs 45,50,000 together with disgorgement of a wrongful gain of Rs 6,83,750 and simple interest of Rs 2,14,680, which the order totals at Rs 8,98,430. A panel of whole-time members approved the terms in May 2024 and the payments were received.

SEBI then disposed of the proceedings, reserving the right to restore them if disclosure was not full and true or an undertaking was breached. A settlement contains no finding of violation.

The record does not show how the two are connected, what the information was, when the trades took place, or any restriction on either applicant. No criminal case 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. 2024-08-13 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.