Sebi penalises Rashmi Saluja over alleged insider trading

Mumbai: The Securities and Exchange Board of India (Sebi) imposed a penalty of ₹40 lakh on former chairperson of Religare Enterprises for alleged violation of insider trading norms.

In an order on Wednesday, the regulator alleged that Rashmi Saluja traded in Religare shares while in possession of unpublished price sensitive information relating to the Burman Group's proposed open offer for the company in September 2023.

It has also directed her to return ₹1.9 crore of unlawful gains along with interest.


The regulator said it had received a complaint from the Burman Group on November 8,2023, requesting it to carry out an examination into trades done by Saluja in the shares of Religare Enterprises.

The regulator found that the UPSI (Unpublished Price Sensitive Information) period existed between September 8 and September 25, 2023, when the open offer announcement became public. It said, Saluja became aware of the impending open offer during a meeting held on September 20, 2023 at The Oberoi Hotel in New Delhi with A C Burman and Arjun Lamba.