N. Narayanan v. SEBI
(2013) 12 SCC 152 · Supreme Court of India
Those who cook books to move the market abuse unpublished information and may be restrained from the securities market.
Unit IV · Law of Investments and Securities
Unpublished price-sensitive information and insider trading
Study aid only. Confirm statute numbers with the current bare Act and the official OU LL.B. (3-YDC) 2024–25 syllabus PDF.
Statute sections
| Act / instrument | Section | Name |
|---|---|---|
| Securities and Exchange Board of India Act, 1992 | 12A | Prohibition of manipulative and deceptive devices, insider trading and substantial acquisition |
| Securities and Exchange Board of India Act, 1992 | 15G | Penalty for insider trading |
| SEBI (Prohibition of Insider Trading) Regulations, 2015 | 2(1)(n) / 3–4 | UPSI and prohibition on insider trading |
| Companies Act, 2013 | 195 | Prohibition on insider trading of securities (omitted; field occupied by SEBI PIT) |
Landmark cases
Balkrishna v. SEBI
insider-trading / UPSI line · Securities Appellate Tribunal
Trading while in possession of unpublished price-sensitive information attracts SEBI penalty and disgorgement.
Reliance Industries insider-trading line (RIL–RPL)
SEBI / SAT enforcement · Supreme Court of India
Group-company dealing around unpublished corporate information is tested as insider trading and fraudulent trade practice.