Rashmi Saluja
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PRIYANKA PARASHAR
The Securities and Trade Board of India (SEBI) on Wednesday barred former Religare Enterprises govt chairperson Rashmi Saluja from the securities marketplace for three years and directed her to disgorge ₹2 crore together with curiosity in an insider trading case linked to the Burman Group’s open provide for Religare Enterprises in September 2023.
In its 87-page last order, SEBI held that Saluja had traded in Religare shares whereas in possession of unpublished worth delicate info (UPSI) regarding the upcoming open provide by the Burman household. The regulator ordered disgorgement of ₹2 crore, termed as “loss prevented”, together with 12 per cent annual curiosity from September 27, 2023, until the date of fee.
SEBI’s investigation stemmed from a criticism filed by entities belonging to the Burman Group in November 2023. The regulator examined whether or not Saluja had prior data of the open provide introduced on September 25, 2023, and whether or not she bought shares earlier than the knowledge grew to become public.
In accordance with the order, Saluja bought 12.93 lakh shares of Religare on September 21 and 22, 2023, for a cumulative worth of about ₹34.7 crore. SEBI famous that the gross sales befell in the course of the UPSI interval, recognized as September 8-25, 2023.
The regulator relied on WhatsApp chats, name knowledge data and statements recorded in the course of the probe. It noticed that Saluja had conferences with A C Burman and Burman Group consultant Arjun Lamba, together with a gathering at The Oberoi in New Delhi on September 20, 2023.
It cited statements by Burman and Lamba that Saluja was knowledgeable in the course of the assembly concerning the Burman household’s intention to launch an open provide for management of Religare.
Whereas the regulator held that Saluja couldn’t be labeled as an “insider” merely as a result of she was a related individual of Religare, for the reason that UPSI originated from the Burman Group and never the corporate, it concluded that she was however in possession of or had entry to UPSI earlier than executing the trades.
Saluja had denied the allegations, contending that she grew to become conscious of the open provide solely after the general public announcement on September 25, 2023, and that the share gross sales have been undertaken to fund the train of ESOPs in Care Well being Insurance coverage.
Revealed on Could 13, 2026
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