News ArticleWaaree Energies Disciplines General Manager for Insider Trading Code Breach and Secures Rs 4.33 Lakh Profit Disgorgement
Violation involved contra trades on equity shares in 2026 without pre-clearance, with penalties aligned to SEBI regulatory requirements
Waaree Energies Limited disclosed a violation of its Insider Trading Code by General Manager Mithil Gandhi involving contra trades without pre-clearance, resulting in a disgorgement of Rs 4,33,566 to SEBI's Investor Protection Fund and a written warning issued to the employee.
Waaree Energies Limited
Legal / Regulatory
Waaree Energies Limited reported that its General Manager - Sales, Mithil Gandhi, violated the company's Insider Trading Code by conducting contra trades on company shares within six months without pre-clearance, resulting in a disgorgement of Rs 4,33,566 to SEBI's Investor Protection and Education Fund and a formal warning issued.
The violation involved the sale of 3,999 shares on June 19, 2026, followed by the purchase of 599 shares on August 3, 2026, and 400 shares on August 4, 2026, transactions that violated the company's restriction on contra trades within six months.
Waaree Energies has issued a written warning to Mr. Gandhi, instructing strict compliance with the Insider Trading Code and SEBI (Prohibition of Insider Trading) Regulations, 2015.
The employee has remitted the profits earned from the violation amounting to Rs 4,33,566 through online transfer to SEBI's Investor Protection and Education Fund, fulfilling regulatory mandates.
This is the first instance of such a violation reported by the company in the current financial year, and the company treated the transactions as inadvertent with no prior violations on record.
Highlights
- Violation involved contra trades within six months by General Manager Mithil Gandhi without pre-clearance.
- 3,999 shares sold on June 19, 2026, followed by 599 and 400 shares purchased on August 3 and 4, 2026, respectively.
- Company issued a written warning and instructed disgorgement of Rs 4,33,566 to SEBI IPEF.
- Transaction amount was remitted via online transfer on October 26, 2026, with detailed bank and reference data provided.
- No previous violations recorded for Mr. Gandhi or since last financial year.
Key Data Snapshot
What happened
- Waaree Energies disclosed a violation of its Insider Trading Code by General Manager - Sales Mithil Gandhi involving contra trades.
- The employee sold 3,999 shares on June 19, 2026, then purchased 599 and 400 shares on August 3 and 4, 2026 respectively, without obtaining required pre-clearance.
- These transactions breached the six-month restriction on contra trades as per SEBI regulations and the company's code.
- Profit from these trades amounting to Rs. 4,33,566 was disgorged and transferred to SEBI Investor Protection and Education Fund.
- The company issued a formal written warning to the employee, emphasizing future compliance with insider trading rules.
Regulatory and governance context
- The violations were reported under SEBI (Prohibition of Insider Trading) Regulations, 2015 as amended and SEBI circular dated July 23, 2020.
- The company's internal code mandates pre-clearance for trading and prohibits contra trades within six months.
- Profit disgorgement to SEBI's Investor Protection and Education Fund is mandated for gains from insider trading violations.
- Company followed SEBI circular dated August 13, 2021, regarding reporting and trading intimation exemptions due to trade values exceeding Rs 10 lakh.
- No prior violations by the designated person or since last financial year were recorded.
Highlights
- Violation involved contra trades within six months by General Manager Mithil Gandhi without pre-clearance.
- 3,999 shares sold on June 19, 2026, followed by 599 and 400 shares purchased on August 3 and 4, 2026, respectively.
- Company issued a written warning and instructed disgorgement of Rs 4,33,566 to SEBI IPEF.
- Transaction amount was remitted via online transfer on October 26, 2026, with detailed bank and reference data provided.
- No previous violations recorded for Mr. Gandhi or since last financial year.
Disclosures
- SEBI (Prohibition of Insider Trading) Regulations, 2015
- SEBI Circular SEBI/HO/ISD/ISD/CIR/P/2020/135 dated July 23, 2020
- SEBI Circular SEBI/HO/ISD/ISD/CIR/P/2021/617 dated August 13, 2021
More News on Legal / Regulatory
View allLatest corporate announcements and market updates in Legal / Regulatory.
IDBI Bank Launches One-Year Special Window for Dematerialisation of Physical Securities Starting February 2026
IDBI Bank Limited has announced a one-year special window from February 1, 2026 to February 24, 2027 to facilitate the transfer and dematerialisation of physical securities purchased before April 1, 2019.
Read Full Story
Bharti Airtel Fined Rs. 2,14,000 by DoT for Violating Subscriber Verification Norms in August 2026
Bharti Airtel Limited reported receiving a penalty notice from the Department of Telecommunications, Karnataka, related to a violation of subscriber verification norms identified in the August 2026 Customer Application Form audit.
Read Full Story
Adani Enterprises Reports No Deviation in Fund Use for Rs. 24,930.30 Crore Rights Issue in Q2 FY2026-27
Adani Enterprises Limited's Monitoring Agency, CARE Ratings Limited, issued a report for the quarter and half-year ended September 30, 2026, confirming that the proceeds from the company's Rs. 24,930.30 crore Rights Issue were utilized in full conformity with the specified objectives.
Read Full Story
