Torrent Power Ltd’s general manager for finance Rishi Sudhirbhai Shah has paid Rs39 lakh to settle an insider trading case with market regulator Securities and Exchange Board of India (SEBI). The settlement, which was concluded after Mr Shah agreed to pay Rs39 lakh, was approved through SEBI’s structured mechanism for negotiated resolution of cases. The order, signed by adjudicating officer (AO) Jai Sebastian on 23 September 2025, brings an end to proceedings that had been initiated earlier this year, although SEBI has kept the option open to revive the matter if settlement conditions are breached. The case arose from allegations that Mr Shah was in possession of and had communicated unpublished price-sensitive information (UPSI) relating to the financial results of Torrent Pow

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