Sebi orders Rashmi Saluja to disgorge Rs 2 crore in insider trading case
Mumbai, May 13, 2026
Market regulator imposes Rs 40 lakh penalty on former Religare Enterprises chairperson in insider trading case linked to Burman Group's open offer
The Securities and Exchange Board of India (Sebi) has directed former Religare Enterprises Ltd (REL) Executive Chairperson Rashmi Saluja to disgorge around ₹2 crore and imposed a penalty of ₹40 lakh in an alleged insider trading case.
This pertains to trades executed ahead of the Burman Group’s September 25, 2023 announcement of an open offer to REL’s public shareholders.
Sebi alleged that Saluja sold REL shares on September 21 and 22, 2023 while in possession of unpublished price sensitive information (UPSI) related to the impending open offer.
The regulator initiated a probe after receiving an email from the Burman Group in November 2023 seeking an examination of Saluja’s trades.
According to Sebi, Saluja met A C Burman, chairman emeritus, Dabur India, and Burman group representative Arjun Lamba on August 25 and September 20, 2023. The group claimed Saluja was informed about the proposed open offer during the September 20 meeting.
Saluja, however, maintained that she became aware of the open offer only on September 25, 2023, when news reports about the transaction surfaced.
Sebi noted that Saluja did not display “any element of surprise” in her chats with Lamba following the public announcement.
“This observation further strengthens the weightage on the preponderance of probability about the noticee being already aware of the Burman Group’s intention to announce their open offer to the shareholders of the REL,” the regulator said in its order.
Saluja also argued that the proceeds from the share sale were meant to fund the exercise of vested employee stock options (ESOPs) in Care Health Insurance, a subsidiary of REL. However, Sebi observed that Saluja applied to Care Health’s allotment committee for exercising the ESOPs only on October 3, 2023, indicating there was no immediate requirement to liquidate her REL holdings.
The order further stated that Saluja executed the trades to avoid losses arising from a likely decline in REL’s share price following the announcement.
Since the probe did not establish losses to any specific investor or group of investors, Sebi said the disgorgement amount was calculated on the basis of wrongful gains in the form of losses avoided by selling the shares before the open offer disclosure was made to exchanges.
Sebi also directed Saluja to pay simple interest at 12 per cent per annum on the disgorgement amount from the date of sale until the date of payment.
“Since the conduct of the noticee is not in the interest of investors and the securities market and considering the violations committed by the Noticee, I find that it becomes necessary for Sebi to issue appropriate directions against her,” Sebi Whole-Time Member Kamlesh Chandra Varshney said in the 87-page order.
Cracking the whip
• Penalty of ₹40 lakh; Disgorge of wrongful gains of ₹1.99 crore
• Sebi says Saluja sold shares of REL shortly before open offer declaration
• Saluja had otherwise remained inactive in trading Religare shares
• Open offer price was below the prevailing market price
• Sebi rejects Saluja’s defence that the share sale was aimed at raising funds to exercise vested ESOPs in Care Health
[The Business Standard]
