SEBI settles two insider trading cases tied to Adani shares
17 Sep 2025

The Securities and Exchange Board of India(SEBI) has settled two insider trading cases related to Adani Group shares.

The accused in these cases, Ajay Bhatia and Supreet Singh Luthra, have agreed to pay penalties as part of the settlement.

Bhatia, former MD and CEO of QuantLase Lab LLC, will pay ₹1.04 crore along with surrender of ₹55.34 lakh in illegal gains.

Case against Bhatia
Case details

The case against Bhatia was triggered by a corporate filing on April 8, 2022, when Adani Green Energy (AGEL) announced the preferential allotment of over 20 million equity shares to IHC Capital Holding LLC for ₹3,850 crore.

This announcement led to a massive 7.2% spike in AGEL shares on that day.

SEBI alleged that Bhatia received unpublished price-sensitive information (UPSI) via emails from AGEL insiders and then passed it on to Luthra.

Trading details and settlement terms for Bhatia
Trading details

During the UPSI period, Bhatia traded in AGEL, Adani Enterprises (AEL), and Adani Transmission (ATL) shares worth ₹8.69 crore, making illegal gains of ₹55.34 lakh.

After considering these facts, SEBI's High-Powered Advisory Committee (HPAC) recommended settlement terms which included voluntary debarment from the Indian securities market for six months.

The terms were accepted after the payment of the required amounts was made.

Luthra's case details and settlement terms
Second case

Luthra, a VAT consultant associated with Bhatia, settled his case by agreeing to pay ₹40 lakh plus ₹13.13 lakh in disgorgement of illegal gains.

The case involved trading in AGEL, AEL, and ATL shares based on UPSI received during constant contact with Bhatia.

On April 8, 2022, Luthra bought shares worth ₹1.32 crore and made illegal gains of ₹13.13 lakh.