The Securities and Exchange Board of India (SEBI) has ordered former Religare Enterprises Ltd (REL) Executive Chairperson Rashmi Saluja to disgorge ₹1.99 crore in alleged wrongful gains and pay a penalty of ₹40 lakh in an insider trading case linked to the Burman Group’s open offer for the company, as per PTI news report.
The order, issued by SEBI Whole-Time Member Kamlesh Chandra Varshney, stated that Saluja traded in REL shares while in possession of unpublished price sensitive information (UPSI) related to the proposed acquisition.
According to SEBI, Saluja sold 12.93 lakh shares of REL on September 21 and 22, 2023. The regulator said the transactions took place after meetings held with members of the Burman Group regarding the proposed open offer.
The Burman Group had announced an open offer to acquire an additional 26% stake in REL at ₹235 per share. The public announcement was made on September 25, 2023, through JM Financial, the manager, to the offer.
SEBI identified the UPSI period from September 8, 2023, until the market pre-opening on September 25, 2023.
The regulator referred to WhatsApp exchanges, call data records, meeting details, and sworn statements during the investigation. SEBI said the material on record indicated that Saluja was aware of the proposed transaction before it became public.
The order noted that Saluja had interactions with Dabur India chairman emeritus Anand C Burman and Burman Group representative Arjun Lamba on multiple occasions, including meetings on August 25 and September 20, 2023, in Delhi.
SEBI also observed that Saluja had otherwise remained inactive in trading REL shares before the transactions under review.
Saluja stated that the share sale was undertaken to arrange funds for exercising employee stock options in Care Health Insurance, a REL subsidiary. SEBI, however, noted that the application for exercising the ESOPs was made only on October 3, 2023.
The regulator calculated the disgorgement amount on the basis of “loss avoided” following the share sale ahead of the public announcement. SEBI has also directed Saluja to pay interest at 12% per annum on the amount until payment is made.
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As of May 14, 2026, 1:42 pm, Religare Enterprises Ltd share price was trading at ₹222.67, down 2.10% from the previous closing price.
SEBIimposed a ₹40 lakh penalty on Rashmi Saluja and ordered disgorgement of ₹1.99 crore in REL insider trading case.
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Published on: May 14, 2026, 1:58 PM IST
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