SEBI v. Rishi Sudhirbahi Shah (insider trading, Torrent Power, 2025)

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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SEBI settled adjudication proceedings against Rishi Sudhirbahi Shah, who was accused of communicating unpublished price sensitive information about Torrent Power's quarterly results. He paid Rs 39 lakh, neither admitting nor denying the allegation.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

—

Alleged gain

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Penalty as published

3.9m 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

On 23 September 2025 a SEBI adjudicating officer issued a settlement order for Rishi Sudhirbahi Shah in the matter of insider trading in Torrent Power Limited. SEBI had begun adjudication under section 15G of the SEBI Act on a show cause notice of 11 March 2025.

The notice alleged that Mr Shah communicated unpublished price sensitive information about Torrent Power's financial results for the quarter ended December 2022, in breach of Regulation 3(1) of the PIT Regulations and section 12A(e) of the SEBI Act. The order is brief and does not set out to whom the information was passed, how it reached him, or whether anyone traded on it.

Mr Shah applied to settle without admitting or denying the findings. After an internal committee meeting in June 2025, SEBI's high powered advisory committee recommended a settlement amount of Rs 39,00,000. The whole-time members approved this on 5 September 2025, a demand notice followed, and he paid on 15 September 2025.

The proceedings were disposed of on those terms. The order imposes no market bar and no disgorgement. SEBI kept its right to act again if his representations were untrue or he breached his undertakings.

The record does not show the underlying facts, any trading gain, or the identity of any recipient of the information. It does not show an adjudicated finding, any appeal, or any criminal case.

This library tags the matter as insider trading (communication of price sensitive information). 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. 2025-09-23 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.