Insider Trading Settlement: Deloitte India's Ex-Employee Pays Rs 74 Lakh

Two individuals settled an insider trading case with SEBI, paying Rs 74 lakh in fees. Nimai Parekh and Rahil Dalal, implicated in the HDFC merger's confidential information breach, resolved the matter without admitting guilt. The settlement was sanctioned by SEBI's advisory committee.

In a recent development, two individuals, including a former Deloitte India employee, have resolved an insider trading case with the Securities and Exchange Board of India (SEBI) by paying a settlement fee of Rs 74 lakh. The case revolved around alleged violations related to a merger announcement involving HDFC Ltd and HDFC Bank Ltd.

Nimai Parekh and Rahil Dalal, the two implicated individuals, decided to settle without admitting or denying culpability. SEBI's investigation revealed that Parekh, a part of Deloitte's valuation team, had access to confidential information regarding the HDFC merger before it was publicly announced, making it a potential breach of insider trading laws.

The SEBI order, approved by its High Powered Advisory Committee, noted that Dalal, a close associate of Parekh, had procured and shared the sensitive information unlawfully. The settlement concluded after Parekh paid Rs 39 lakh, while Dalal paid Rs 35 lakh, bringing an end to the proceedings.

(With inputs from agencies.)