Latest news with #UPSI
Mint
21 hours ago
- Business
- Mint
Sebi slaps ₹10 lakh fine on entity for insider trading during HDFC merger
New Delhi: Capital markets regulator Sebi on Tuesday levied a fine of ₹ 10 lakh on an entity for trading in the shares of HDFC Ltd and HDFC Bank while in possession of unpublished price sensitive information (UPSI) related to their merger. Sebi found that Rupesh Satish Dalal HUF had traded in derivatives of both HDFC entities on April 1, 2022 -- just days before the official announcement of the merger between HDFC Ltd and HDFC Bank on April 4, 2022. Rupesh Satish Dalal is the karta of Rupesh Satish Dalal HUF. The regulator's probe revealed that Dalal had received UPSI through his son, who was in close and regular contact with a person (individual) who was an insider associated with Deloitte. Deloitte Touche Tohmatsu India LLP was engaged as the valuer for the merger exercise and the individual was part of the valuation team from March 29, 2022. The individual and Dalal's son were long-time friends and exchanged several calls in the run-up to the trades. Sebi also noted that a meeting between the two took place on March 31, a day before Dalal placed the trades. Sebi said the noticee (Rupesh Satish Dalal HUF) bought multiple call option contracts of HDFC Ltd and HDFC Bank Ltd on April 1, 2022, while being in possession of the UPSI. The regulator noted that once the information regarding the impending merger was disclosed, Rupesh Satish Dalal HUF immediately exited his positions on the same very date, i.e., on April 4, 2022. Thus, it is established that Rupesh Satish Dalal HUF has violated PIT (Prohibition of Insider Trading) regulations. The order came after NSE analysed the trading activity of various entities in the scrip of HDFC Ltd and HDFC Bank Ltd. Further, the bourse observed that the trading of certain clients including Rupesh Satish Dalal HUF pointed to the possibility of trading on the basis of UPSI. Consequently, the matter was forwarded to the Securities and Exchange Board of India (Sebi) for investigation. The period was from November 01, 2021 to April 30, 2022.
Economic Times
a day ago
- Business
- Economic Times
HDFC-HDFC Bank merger: Sebi penalises trader for insider trading
Markets regulator Sebi imposed a penalty of Rs 10 lakh on Rupesh Satish Dalal HUF for insider trading in the scrips of HDFC and HDFC Bank ahead of the April 2022 merger announcement. ADVERTISEMENT The case revolves around trading activity carried out by Rupesh Dalal, the Karta of the HUF, just days before the April 4, 2022, announcement that HDFC would merge into HDFC Bank. Sebi's investigation found that Dalal had purchased a series of call options in both stocks on April 1, 2022—three days before the official disclosure. The positions were squared off immediately after the announcement, yielding substantial profits: Rs 5.67 lakh from HDFC options and Rs 2.52 lakh from HDFC Bank. Sebi's order concluded that Dalal was in possession of Unpublished Price Sensitive Information (UPSI), received through an indirect regulator alleged that Mr X, a member of Deloitte's valuation team working on the merger, had passed UPSI to his friend Mr Y (Dalal's son), who then communicated the same to X and Y had already settled cases with Sebi earlier. The circumstantial evidence, including frequent calls and meetings between X and Y around the trading dates, supported the conclusion that Dalal traded on UPSI. ADVERTISEMENT The regulator dismissed Dalal's defence that his trades were based on technical analysis, noting that his history showed little to no activity in derivatives, and his aggressive positions on that specific date were uncharacteristic. The Rs 10 lakh penalty is to be paid within 45 days. The order underscores Sebi's continued emphasis on market integrity and its increasing reliance on circumstantial evidence and call data records in cracking down on insider trading. (You can now subscribe to our ETMarkets WhatsApp channel)
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Business Standard
a day ago
- Business
- Business Standard
Sebi fines HUF ₹10 lakh for 'insider trading' in HDFC merger shares
Capital markets regulator Sebi on Tuesday levied a fine of ₹10 lakh on an entity for trading in the shares of HDFC Ltd and HDFC Bank while in possession of unpublished price sensitive information (UPSI) related to their merger. Sebi found that Rupesh Satish Dalal HUF had traded in derivatives of both HDFC entities on April 1, 2022 -- just days before the official announcement of the merger between HDFC Ltd and HDFC Bank on April 4, 2022. Rupesh Satish Dalal is the karta of Rupesh Satish Dalal HUF. The regulator's probe revealed that Dalal had received UPSI through his son, who was in close and regular contact with a person (individual) who was an insider associated with Deloitte. Deloitte Touche Tohmatsu India LLP was engaged as the valuer for the merger exercise and the individual was part of the valuation team from March 29, 2022. The individual and Dalal's son were long-time friends and exchanged several calls in the run-up to the trades. Sebi also noted that a meeting between the two took place on March 31, a day before Dalal placed the trades. Sebi said the noticee (Rupesh Satish Dalal HUF) bought multiple call option contracts of HDFC Ltd and HDFC Bank Ltd on April 1, 2022, while being in possession of the UPSI. The regulator noted that once the information regarding the impending merger was disclosed, Rupesh Satish Dalal HUF immediately exited his positions on the same very date, i.e., on April 4, 2022. Thus, it is established that Rupesh Satish Dalal HUF has violated PIT (Prohibition of Insider Trading) regulations. The order came after NSE analysed the trading activity of various entities in the scrip of HDFC Ltd and HDFC Bank Ltd. Further, the bourse observed that the trading of certain clients including Rupesh Satish Dalal HUF pointed to the possibility of trading on the basis of UPSI. Consequently, the matter was forwarded to the Securities and Exchange Board of India (Sebi) for investigation. The period was from November 01, 2021 to April 30, 2022. In December last year, Two individuals, including a former employee of Deloitte India, settled with capital markets regulator Sebi a case pertaining to the alleged violation of insider trading rules by paying ₹74 lakh towards settlement fee. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
a day ago
- Business
- Time of India
Sebi slaps Rs 10 lakh fine on entity for insider trading during HDFC-HDFC Bank merger
Synopsis Capital markets regulator Sebi on Tuesday levied a fine of Rs 10 lakh on an entity for trading in the shares of HDFC Ltd and HDFC Bank while in possession of unpublished price sensitive information (UPSI) related to their merger.
New Straits Times
3 days ago
- Automotive
- New Straits Times
257 accidents, 22 fatalities recorded on Gerik–Jeli highway as of June 2025
KOTA BARU: From January to June this year, 257 accidents involving 442 vehicles were reported along the East-West Highway (JRTB) Gerik-Jeli. According to Gerik police chief Superintendent Abdul Samad Othman, the accidents included eight fatal cases, resulting in 22 deaths. Among the fatalities were 15 students from Universiti Pendidikan Sultan Idris (UPSI), who were killed in a horrific accident on June 9. "The number of deaths reflects the total number of victims who died, as fatal accidents often involve more than one casualty. "For example, a fatal bus crash on June 9 alone claimed 15 lives, all of whom were students from UPSI," he said when contacted today. Abdul Samad added that the 442 vehicles involved in the accidents included 287 cars, followed by 55 multi-purpose vehicles (MPVs) or vans, 42 motorcycles, 38 pickup trucks, 17 lorries, and three buses. On July 22, Bernama reported that, according to the 2024 traffic census by the Public Works Department, the JRTB route remains at a good level of service, with its current configuration able to accommodate the present traffic volume. Works Minister Datuk Seri Alexander Nanta Linggi reportedly said that a total daily traffic volume of 2,409 vehicles was observed on the JRTB route, with heavy vehicles accounting for 751 vehicles, or 31.2 per cent of the total. "The JRTB route is categorised as hilly terrain, with its alignment designed to follow the contours and topography of the Titiwangsa mountain range. "Its geometric design as the two-lane single carriageway has met the required technical and functional standards for its construction," he said. To improve road safety, Public Works Department director-general Datuk Roslan Ismail said the department has implemented a blackspot treatment programme under its Road Safety Infrastructure Upgrade initiative. Since 2018, 16 accident-prone locations along the route have been identified. "The approach is based on the principle of 'Low Cost, High Impact.' If the treatment method applied is appropriate to the type of accident occurring, the accident rate at those blackspot locations can be reduced at relatively low cost," he said.
