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On June 8, 2023, Hindustan Aeronautics Limited (HAL) announced that a meeting would be held on June 27, 2023, to discuss a stock split. On the day of the announcement, HAL's stock price closed at ₹3527.40. The next day, June 9, 2023, the stock opened at ₹3609 and closed at ₹3732.90, moving up by ₹205 in a single day.
This type of information, which is known only to the company's management or major board members, is called Unpublished Price Sensitive Information (UPSI). To prevent the misuse of such information, the Securities and Exchange Board of India (SEBI) has established a rule. According to this rule, if someone possesses UPSI, they cannot trade or invest in their company's stock for a certain period before and after the information is made public.
In HAL's case, the UPSI period was set from March 1, 2023, to August 10, 2023. During this period, it was monitored to ensure that no one was trading the stock based on insider information to gain an unfair advantage. In this context, a person named Rajat Mishra came under suspicion because he purchased 7250 shares on June 6, 2023, valued at ₹2,46,99,621.45. He then sold these shares within the UPSI period and made a profit of ₹29,90,000 in just three days.
SEBI investigated the case and sent a notice email to Rajat Mishra on January 25, 2024. However, instead of providing a proper response, Rajat Mishra replied to SEBI with some KZbin video links. SEBI then requested him to come to their Lucknow office for a video call discussion. Rajat Mishra responded to this email in a similar manner.
Not just that, he hurled very abusive and unprofessional language in his responses to SEBI.
SEBI had to finally penalize this person.
Watch this video to understand the whole case and how SEBI had to set an example.
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0:00 to 0:35 - SEBI Abuse Case Intro
0:36 to 2:27 - Insider Trading Fraud Angle
2:28 to 3:04 - Involvement of Rajat Mishra
3:05 to 4:33 - SEBI Vs Rajat Mishra
4:34 to 6:06 - SEBI's Disregard by Rajat
6:07 to 7:38 - Final Order & Penalty