Dr. Rashmi Saluja Penalized INR 40 Lakh for Insider Trading

SEBI final order finds Dr. Rashmi Saluja, former Religare Chairperson, guilty of insider trading in Religare Enterprises Ltd. shares.
Saluja sold 1.29 million REL shares on Sept 21-22, 2023, avoiding a loss of INR 1.99 crore ahead of a Burman Group open offer announcement.
Order directs disgorgement of INR 1.99 crore with 12% interest and imposes an additional monetary penalty of INR 40 lakh.
Violation based on possession of UPSI received during a meeting with Burman Group representatives on September 20, 2023.