Ajay Bhatia, former MD and CEO of Quantlase LAB LLC, a subsidiary of International Holding Company, has arranged a case of alleged trade with prior knowledge with market regulator SEBI after paying a settlement amount of £ 1.05 crore.
In addition, Bhatia has disregarded illegal profits worth £ 55.34 Lakh together with the importance of £ 9.58 Lakh. He also accepted a voluntary ban of six months of the securities market, Sebi said in his settlement order on Tuesday.
The case relates to Adani Green Energy Ltd (Agel) who issues more than 2 crore shares to IHC on 8 April 2022 to IHC. This information was considered non -published price -sensitive information (UPSI).
Sebi claimed that Bhatia Upssi received via e -mails, communicated to another person, supre Singh Luthra, and traded in Agel, Adani Enterprises (AEL) and Adani Transmission (ATL) while in possession of UPSI.
In 4 April 2022, Bhatia bought shares/futures from Agel, Ael and ATL, and is said to have made an illegal win of £ 55.34 Lakh.
In a separate settlement order, Luthra decided to pay the allegations of prior knowledge against him with Sebi by paying a settlement amount of £ 40 Lakh, along with disgorgement of £ 13.13 Lakh and interest of £ 2.93 Lakh.
“The applicant has also informed his company to voluntarily limit himself from the Indian securities market for a period of six months from the date of the settlement order,” Sebi said.
Luthra, who provided VAT advisory services to Bhatia, had constant contact with him by telephone during the UPSI period. He also reportedly executed transactions during the UPSI period and made illegal profit of £ 13.13 Lakh.
After receiving the payments from both persons, Sebi ordered that “any procedure that can be started for the violations … are regulated with regard to applicants”.
These orders came after Bhatia and Luthra proposed to regulate the case of alleged violations “by neither denying or denying the findings of facts and the conclusions of the law,” according to the rules for settlements.
Published on September 17, 2025
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