As per the SEBI order, the alleged UPSI relates to Refex Industries’ March 2023 quarterly financial results, which showed a sharp jump in revenue and profit. | Photo Credit: FRANCIS MASCARENHAS
“It was alleged that Jain had communicated Unpublished Price Sensitive Information (UPSI) to certain entities/person(s) and they had traded in the scrip of Refex while in possession / on the basis of UPSI and made unlawful gains of ₹12.33 lakh,” the filing read.
The filing also stated that Jain intends to contest his position, and believes he can strongly defend the same through the legal process and would avail recourse available under law, against this penalty adjudication order.
Insider trading
As per the SEBI order, the alleged UPSI relates to Refex Industries’ March 2023 quarterly financial results, which showed a sharp jump in revenue and profit. Anil Jain, as Chairman and Managing Director, had access to detailed financial performance data before results were announced.
It also stated that SEBI relies on call data records (CDRs) between Anil Jain and Kamlesh Jain, identified in the order as the trustee of Jain Family Trust, to allege communication of UPSI regarding financial information.
The SEBI order comes at a time when search operations were conducted last week at Refex office in Chennai. On Friday, the company had informed the stock exchanges about search operations conducted by the Income Tax Department at the registered office of the company and certain other locations associated with the Refex Group.
Shares of Refex Industries closed at ₹254.90 on the National Stock Exchange on Friday, down ₹63.70 or 19.99 per cent from the previous day’s close.
Published on December 14, 2025
