SEBI penalizes Refex Industries promoter for insider trading

The Securities and Exchange Board of India (SEBI) has imposed a penalty of ₹10,00,000 on Anil Jain, promoter, chairman and managing director of Refex Industries Limited, for alleged insider trading. The adjudication order, dated December 12, 2025, follows an inquiry into certain entities' insider trading activities involving Refex Industries' scrip.

According to SEBI's findings, Jain was accused of communicating unpublished price sensitive information (UPSI) to other entities/persons who subsequently traded in Refex's scrip, making unlawful gains of ₹12.33 lakh. This conduct allegedly violated Section 12A(e) of the SEBI Act and Regulation 3(1) of SEBI PIT Regulations.

Jain intends to vigorously contest the adjudication order, asserting his ability to defend his position through legal processes. Refex Industries stated that the penalty is imposed on the individual, indicating no financial, operational, or monetary impact on the company.