SEBI review order upholds Adjudicating Officer's decision to exonerate three individuals from insider trading allegations in Indian Oil Corporation Ltd.
Noticee 1, an IOCL employee, received UPSI on financial results but no evidence proved he communicated it to his in-laws, Noticees 2 and 3.
Noticees 2 and 3's trading pattern in IOCL derivatives was consistent with their historical activity, showing no link to UPSI possession.
SEBI found the AO's order was not erroneous or against market interests, closing the case with no monetary penalties imposed.