SC : Selling Shares While in Possession of UPSI Constitutes Insider Trading Even if No Profit Is Made
Court :
Supreme Court of India
Brief :
The Supreme Court, in SEBI v. Rajeev Vasant Sheth & Ors., has held that a person who trades in securities while in possession of Unpublished Price Sensitive Information (UPSI) would be presumed to have traded on the basis of that information. The purpose for which the sale proceeds are used or whether the person actually made a profit is not relevant under the SEBI (Prohibition of Insider Trading) Regulations, 2015.
Citation :
CIVIL APPEAL NO. 4905 OF 2022
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