SEBI v. Maneesh Kumar Jain and S. V. Subha Rao (insider trading in Jagsonpal Pharmaceuticals, 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.

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In November 2024 SEBI found that a person who traded in Jagsonpal Pharmaceuticals shares ahead of an open offer announcement did so on unpublished information passed to him by the company's chief financial officer. The order directed disgorgement of Rs 31,39,000 with interest, restrained both for 1 year and imposed penalties of Rs 25,00,000 in total.

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

2.5m 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

SEBI chief general manager Dr Anitha Anoop issued the order on 22 November 2024. The noticees were Maneesh Kumar Jain, who traded, and S. V. Subha Rao, whom the order links to Jagsonpal Pharmaceuticals Limited as its chief financial officer. The matter began when the company announced on 22 February 2022 that it had received an open offer to acquire a large block of its shares, and an NSE analysis flagged clients whose trading pattern suggested use of advance information.

SEBI alleged that the planned substantial acquisition of shares was unpublished price sensitive information, that Mr Subha Rao communicated it to Mr Jain in breach of Regulation 3(1) of the insider trading regulations, and that Mr Jain traded on it in breach of Regulation 4(1), both read with section 12A of the SEBI Act.

The order finds both violations established and fixes Mr Jain's unlawful gain at Rs 31,39,000. It records that no loss to any specific investor was shown and no repetition was evident.

SEBI restrained both noticees from the securities market for 1 year, allowing settlement of pending obligations and liquidation of open derivative positions within three months. It directed Mr Jain to disgorge Rs 31,39,000 with interest at 12 per cent a year from 22 February 2022, paid to the investor protection fund within 45 days. Penalties under section 15G were Rs 15,00,000 on Mr Jain and Rs 10,00,000 on Mr Subha Rao, Rs 25,00,000 in all.

The record does not show how the information was passed, whether the order was appealed, whether the money was paid, or whether the open offer proceeded. 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. 2024-11-22 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.