The Securities and Exchange Board of India (SEBI) on Wednesday imposed a three-year ban on Rashmi Saluja, the former executive chairperson of Religare Enterprises, from participating in the securities market. This decision comes in connection with an insider trading case linked to the Burman Group’s open offer for Religare Enterprises announced in September 2023. SEBI further directed Saluja to disgorge ₹2 crore, along with interest, as part of the ruling.
According to an extensive 87-page final order issued by SEBI, Saluja engaged in trading Religare shares while possessing unpublished price-sensitive information (UPSI) related to the Burman family’s forthcoming open offer. The regulator characterized the ₹2 crore as “loss avoided” due to her actions, with an annual interest rate of 12 percent to be calculated from September 27, 2023, until payment is made.
The inquiry initiated by SEBI was spurred by a complaint submitted by entities tied to the Burman Group in November 2023. The investigation aimed to determine whether Saluja had prior knowledge of the open offer, which was publicly announced on September 25, 2023, and whether she sold shares before the information was disclosed.
Details revealed that Saluja sold 12.93 lakh shares of Religare on September 21 and 22, 2023, accumulating approximately ₹34.7 crore in proceeds. SEBI identified the insider trading period as September 8-25, 2023.
The investigation relied on a combination of WhatsApp communications, call records, and statements gathered during the inquiry. It was noted that Saluja met with A C Burman and Burman Group representative Arjun Lamba, including a meeting at The Oberoi Hotel in New Delhi on September 20, 2023. During this meeting, Burman and Lamba stated that Saluja was informed about the Burman family’s intent to propose an open offer for control of Religare.
While SEBI concluded that Saluja could not be categorized as an “insider” solely due to her connections with Religare—since the UPSI came from the Burman Group rather than from Religare itself—it determined that she had access to or was in possession of UPSI prior to executing her trades.
Saluja has contested the allegations, asserting that she became aware of the open offer only after its public announcement on September 25, 2023. She claimed that the share sales were conducted to finance the exercise of employee stock options (ESOPs) in Care Health Insurance.
The article was published on May 13, 2026.
