The Securities and Exchange Board of India (SEBI) has found Rashmi Saluja guilty of insider trading in shares of Religare Enterprises and directed her to disgorge unlawful gains of ₹1.99 crore, according to an order issued by the market regulator. SEBI also imposed a monetary penalty of ₹40 lakh on Saluja, alleging that she sold shares of Religare Enterprises while in possession of unpublished price-sensitive information (UPSI) related to the Burman family's open offer announcement in September 2023.
According to SEBI, Saluja sold nearly 12.9 lakh shares of Religare Enterprises on September 21 and 22, 2023, ahead of the public announcement of the open offer on September 25. The regulator stated that the trades enabled her to avoid losses of nearly ₹2 crore after the company's shares declined following the announcement. The order cited that the Burman Group had informed Saluja about the proposed open offer before it became public, with evidence including WhatsApp conversations, meetings and hotel records relied upon during the investigation.
The case stems from a complaint filed in November 2023 by four investment firms linked to the Burman family, which alleged that Saluja sold shares worth ₹34.71 crore shortly after a September 20 meeting with a Burman family representative where the open offer plan was discussed. SEBI's order stated that the noticee traded in the shares of REL while in possession of UPSI and thereby violated insider trading norms, as reported by the market regulator.
