Description
SEBI settlement order against Mr. Ankit Jain for suspected insider trading violations in AVG Logistics Limited, involving contra trades resulting in profit of Rs. 1,39,361.35.
Summary
SEBI issued Settlement Order No. SO/AN/SM/2025-26/8339 against Mr. Ankit Jain for suspected insider trading in AVG Logistics Limited. Mr. Jain, a designated person of AVG, executed contra trades resulting in unlawful profit of Rs. 1,39,361.35, violating Clause 10 of the Minimum Standards for Code of Conduct under SEBI (PIT) Regulations, 2015.
Key Points
- Settlement Application No. 8339/2025 filed by Mr. Ankit Jain (PAN: AFNPJ5441E)
- Show Cause Notice issued on January 10, 2025
- Internal Committee meeting held on April 3, 2025
- Applicant transferred unlawful gains as part of settlement
- Settlement processed under SEBI (Settlement Proceedings) Regulations, 2018
Regulatory Changes
No new regulatory changes introduced. Settlement reinforces existing insider trading prohibitions under SEBI (PIT) Regulations, 2015.
Compliance Requirements
- Designated persons must comply with Code of Conduct provisions
- Prohibition on contra trades by designated persons
- Proper disclosure and reporting of trades by insiders
- Transfer of unlawful gains in settlement proceedings
Important Dates
- January 6, 2025: Adjudicating Officer appointed
- January 10, 2025: Show Cause Notice issued
- January 28, 2025: Settlement application filed
- April 3, 2025: Internal Committee meeting conducted
Impact Assessment
Limited impact case involving individual violation with modest financial implications. Reinforces SEBI’s continued enforcement of insider trading regulations and availability of settlement mechanism for designated person violations.
Impact Justification
Individual settlement case with modest financial impact, limited systemic implications