Ajay Bhatia, the former Managing Director and Chief Executive Officer of QuantLase Lab LLC, a subsidiary of International Holding Company, has reached a settlement with the Securities and Exchange Board of India (SEBI) regarding allegations of insider trading. Bhatia has agreed to pay a settlement amount of ₹1.05 crore.
In addition to the settlement fee, Bhatia has also disgorged illegal gains amounting to ₹55.34 lakh, along with interest of ₹9.58 lakh. Furthermore, he has voluntarily accepted a six-month ban from participating in the securities market, as noted in SEBI’s settlement order issued on Tuesday.
The case revolves around the issuance of over 2 crore equity shares by Adani Green Energy Ltd (AGEL) to International Holding Company on a preferential basis on April 8, 2022. This transaction was classified as Unpublished Price Sensitive Information (UPSI).
SEBI contends that Bhatia received UPSI through emails and subsequently communicated this information to Supreet Singh Luthra. During his possession of the UPSI, Bhatia engaged in trading of shares in AGEL, Adani Enterprises Ltd (AEL), and Adani Transmission Ltd (ATL). From April 4 to April 8, 2022, he purchased shares and futures of these companies, allegedly resulting in unlawful gains of ₹55.34 lakh.
In a related case, Luthra settled his own insider trading allegations with SEBI, paying a settlement amount of ₹40 lakh, disgorging ₹13.13 lakh in illegal gains, and an additional interest of ₹2.93 lakh.
SEBI’s statement indicated that Luthra, who provided VAT consulting services to Bhatia, maintained frequent communication with him during the period when the UPSI was available. Luthra also traded during this UPSI timeframe, accruing illegal gains of ₹13.13 lakh.
Upon receipt of payments from both Bhatia and Luthra, SEBI declared that “any proceedings that may be initiated for the violations…are settled in respect of the applicants.” Both individuals proposed a settlement without admitting or denying SEBI’s findings of fact and conclusions of law, in accordance with the settlement rules.
This information was published on September 17, 2025.
