SEBI v. Anil Jain and others (insider trading, Refex Industries, 2025)

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In December 2025 a SEBI adjudicating officer found that the chairman and managing director of Refex Industries passed unpublished results to an associate, whose family trust bought and sold the shares around the announcement for a profit of Rs 12.33 lakh. The order imposes Rs 10 lakh on the chairman and Rs 25 lakh jointly on the associate and the trust.

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

3.5m 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

The adjudicating officer, Jai Sebastian, issued this order on 12 December 2025. The noticees are Anil Jain, chairman and managing director of Refex Industries Limited, which is listed on the BSE and NSE; Kamlesh Jain; and the Jain Family Trust, acting through Kamlesh Jain as trustee.

The exchange flagged trading before Refex announced its results for the year ended March 2023 on 18 May 2023. SEBI alleged that the results, which showed total income up about 65 percent on the previous quarter and net profit nearly double, were unpublished price sensitive information from 29 March 2023, and that the share price then rose about 20 percent the next day and further in the following days. It alleged that the chairman communicated this information and that the trust bought 13,473 shares on 15 and 16 May 2023 and sold them on 19 and 22 May 2023 for a profit of Rs 12.33 lakh, placing the orders offline through a broker.

The order finds that the chairman violated section 12A(e) of the SEBI Act read with regulation 3(1) of the Insider Trading Regulations by communicating the information, and that Kamlesh Jain and the trust violated section 12A(d) and (e) read with regulation 4(1) by trading while in possession of it.

In setting the penalty under section 15G the officer noted that no investor loss was shown, counted the Rs 12.33 lakh profit, and noted three earlier SEBI penalties on Kamlesh Jain under other rules. The penalties are Rs 10,00,000 on Anil Jain and Rs 25,00,000 on Kamlesh Jain and the trust jointly and severally, Rs 35 lakh in total, due within 45 days.

The record does not show whether the noticees appealed, whether the penalties were paid, or whether any criminal case or disgorgement order followed. The order imposes monetary penalties only.

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. 2025-12-12 SEBI adjudication 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

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.