Possessing price-sensitive information without an attempt to take advantage is not insider trading

Securities And Exchange Board of India Vs Abhijit Rajan (Supreme Court of India) Supreme Court held that mere possession of price-sensitive information doesn’t prove that the person was indulged in insider trading. There must be an attempt to take advantage of or encash the benefit of the information so possessed. Facts- The respondent was the Chairman and Managing Director of Gammon Infrastructure Projects Limited (GIPL). In 2012, GIPL was awarded a contract by NHAI for the execution of a project worth Rs 1648 crores. Similarly, another company by the name Simplex Infrastructure Limited (SI...