Sebi fines man ₹10 lakh for insider trading in HDFC
Sebi has fined Rupesh Satish Dalal HUF ₹10 lakh for insider trading in HDFC Ltd and HDFC Bank shares.
Dalal made trades on April 1, 2022—just days before the official announcement of the merger on April 4, 2022—using unpublished price sensitive information (UPSI) that wasn't public yet.
Dalal's son leaked merger details to father
Turns out, Dalal got the scoop from his son, who was connected to someone at Deloitte (the firm handling the merger's valuation).
This Deloitte insider leaked details to Dalal's son, who then passed them on.
Acting fast, Dalal bought call options in both companies and sold them after news broke, which Sebi says clearly broke insider trading rules.
Similar charges settled by 2 others linked to Deloitte
The whole case kicked off when unusual trading patterns were noticed by the National Stock Exchange.
Sebi later confirmed these trades were based on secret merger info.
Last December, two others linked to Deloitte settled similar charges by paying up without admitting guilt—showing Sebi is serious about keeping things fair when big deals go down.