Sercurities Exchange Board Of India vs Amit Jain

ik-125417552 Delhi High Court 11 December 2025 • 19 min read

Judges (2)

Anil Kshetarpal Coram Harish Vaidyanathan Shankar Delivered

Counsel (5)

Neeraj Malhotra Counsel Appellant Nimish Kumar Counsel Appellant Pratap Venugopal Counsel Appellant Rishabh Jain Counsel Respondent Sandhya Kohli Counsel Appellant

Parties (2)

Securities and Exchange Board of India Appellant Amit Jain Respondent

Case Significance

Sercurities Exchange Board Of India vs Amit Jain is a Delhi High Court decision dated December 11, 2025 (citation: ik-125417552). Cross Letters Patent Appeals arose from the Single Judge's judgment setting aside SEBI's Show Cause Notice on the ground that SEBI was required to first make a determination under the PIT Regulations before initiating proceedings under Chapter-VIA of the SEBI Act for insider trading. The Division Bench held that no requirement can be culled out from the PIT Regulations mandating a prior determination as a condition precedent to Chapter-VIA proceedings. LPA 412/2018 (SEBI's appeal) was allowed The bench comprised Justices Anil Kshetarpal and Harish Vaidyanathan Shankar. The judgment was delivered by Justice Harish Vaidyanathan Shankar. Counsel appearing: Neeraj Malhotra (counsel for appellant), Nimish Kumar (counsel for appellant), Pratap Venugopal (counsel for appellant), Rishabh Jain (counsel for respondent), Sandhya Kohli (counsel for appellant).

Summary

Cross Letters Patent Appeals arose from the Single Judge's judgment setting aside SEBI's Show Cause Notice on the ground that SEBI was required to first make a determination under the PIT Regulations before initiating proceedings under Chapter-VIA of the SEBI Act for insider trading. The Division Bench held that no requirement can be culled out from the PIT Regulations mandating a prior determination as a condition precedent to Chapter-VIA proceedings. LPA 412/2018 (SEBI's appeal) was allowed and the Single Judge's finding was set aside, while LPA 550/2018 (Amit Jain's appeal) was dismissed.

What was the outcome of Sercurities Exchange Board Of India vs Amit Jain?

Cross Letters Patent Appeals arose from the Single Judge's judgment setting aside SEBI's Show Cause Notice on the ground that SEBI was required to first make a determination under the PIT Regulations ...

Judgment

Read the full judgment on the official India Courts portal.

Read on Indian Kanoon

Source: Indian Kanoon (ik-125417552)