Trader sends abusive responses to Sebi regarding insider trading, fined Rs 20 lakh

A stock market trader who was being investigated for insider trading, sent abusive responses to market regulator Sebi, following which he attracted a fine of Rs 20 lakh.

Rajat Mishra, the notice in the matter, replied to Sebi in the offensive phrase — “Notice de rxxe ho ya bxxxk mxxxg rxxe ho.”

In this regard, no reply to the SCN on merit has been received from Mishra.

Earlier, Mishra said he would be available for video call anytime in response to the summons dated March 7. Hence, Sebi advised him to appear through a video call before the investigating authority from Common Investor Service Centre, Lucknow. However, the noticee failed to appear.

Subsequently, Sebi sent another email on March 22 and Mishra was given another opportunity to appear before the investigating authority through a video call. In response to intimation given to appear before investigating authority, Mishra replied: “Ek bxxp ki axxxd ho to axxxt kxxo”.Later, the information service centre, Lucknow, informed the regulator that Rajat Mishra did not even come to their office.”The failure to appear before the investigating authority by the noticee had hampered the investigation process and also that the reply to Sebi shows his callous attitude and complete disregard to the regulator,” the order noted.According to Sebi, Mishra didn’t even appear before the investigating authority even through video call from common investor service centre, Lucknow, despite being given an opportunity on March 22 and March 26 this year.

In the event of failure to pay the said penalty within 45 days, Sebi may initiate consequential actions, including recovery proceedings along with interest thereon by attachment and sale of movable and immovable properties.

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