SEBI v. Sidhant Chandalia (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In August 2024 SEBI settled adjudication proceedings against one individual alleged to have communicated unpublished price sensitive information about PNB Housing Finance Limited. He paid a settlement amount of Rs 50,70,000 without admitting or denying the findings.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

—

Total relief

—

Alleged gain

—

Penalty as published

5.1m 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 in the same PNB Housing Finance Limited investigation that produced a parallel settlement for two other individuals the same day. The applicant was Sidhant Chandalia.

A show cause notice of June 2023, supplemented in July 2023, called on him to explain why a penalty under section 15G of the SEBI Act should not be imposed for communicating unpublished price sensitive information while in possession of it, in alleged breach of Regulation 3(1) of the insider trading regulations read with section 12A(d) and (e). The order does not describe the information or to whom it was passed.

In July 2023 he applied to settle without admitting or denying findings of fact or conclusions of law. After committee review he proposed revised terms, which an advisory committee considered and a panel of whole-time members approved in May 2024. He paid the settlement amount of Rs 50,70,000 and SEBI confirmed receipt in June 2024.

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 that a violation occurred.

The record does not show the recipient of the information, when it was shared, any trading profit, or any restriction on the 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.