In a significant development, former Axis Capital Executive Director Ashish Anup Nigam and his associate, Nehal Milan Mehta, have agreed to settle an insider trading case with the Securities and Exchange Board of India (SEBI). The duo has collectively paid a hefty ₹1.13 crore, which includes fines and disgorgement of unlawful gains.
The case, which centers on alleged insider trading activities, revolves around the shares of BF Investment Limited. Between September 2022 and March 2023, SEBI’s investigation found that Nigam, who was involved in managing BF Investment’s proposed delisting offer, had access to Unpublished Price Sensitive Information (UPSI). He is accused of sharing this confidential information with his associate Mehta. Based on this information, Mehta traded in BF Investment shares, making significant profits that were deemed to be illegal.
As part of the settlement, Mehta has agreed to return ₹37.2 lakh in profits earned from these trades, along with interest. In addition, both individuals have voluntarily accepted a six-month ban from participating in the securities market. This means they are temporarily prohibited from engaging in any trading activities for the specified period.
The settlement was formalized on April 9, 2025, and a SEBI order issued on April 11 confirmed that the individuals had filed their settlement applications without admitting or denying the charges. SEBI clarified that while the settlement concludes this case, the regulator reserves the right to take further action if any breaches of the agreement are detected.
This resolution highlights SEBI’s firm stance against insider trading and its commitment to maintaining the integrity of India’s financial markets. It also underscores the importance of safeguarding sensitive corporate information and adhering to market regulations.
