SAT stays recovery of SEBI penalty on Refex Industries promoter

Sebi PenaltyInsider Trading ChargeCourt Stay ObtainedRegulatory & Legal View source PDF Explain this filing

REFEX · price

Loading chart…

▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

-0.2%Reaction day

₹242.50

prior close

₹243.47

announcement price

In-mkt

timing

Nifty Microcap 250market · index membership as recorded later (tracked since Jun 2026)-1.4%+1.2% vs market

Waste Management peers, median of 7sector-0.3%+0.1% vs sector

On the reaction day the stock moved 1.2 pts more than Nifty Microcap 250 and 0.1 pts more than its Waste Management peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

+0.5

10m

+4.1

15m

+8.3

30m

+7.7

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-0.2-1.4+1.2-0.3+0.1

Next day

-1.5-1.6+0.1-0.8-0.7

-2.3-1.4-0.8-3.0+0.8

-2.9-2.7-0.2-4.4+1.5

-5.2-2.5-2.7-6.8+1.7

-7.5-2.3-5.3-7.8+0.3

-11.2-5.4-5.7-8.6-2.6

15d

-18.0-10.5-7.5-10.4-7.6

-17.3-10.3-7.0-10.7-6.6

+2.8+1.6+1.2+0.9+1.9

+13.4+3.8+9.6-4.1+17.5

UpDownMarket · Nifty Microcap 250Sector · Waste Management peers, median of 7Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

SEBI imposed a penalty on Refex Industries Promoter, Chairman and MD Mr. Anil Jain on December 12, 2025 over alleged insider trading in Refex shares. Mr. Jain appealed to SAT, which on February 13, 2026 granted a stay on recovery of the penalty, subject to 50 percent of the penalty amount being deposited within four weeks. The company states there is no financial, operational or monetary impact on Refex Industries itself.

Likely market impact

Positive for promoter as penalty recovery is paused, though 50 percent deposit still required; no direct impact on the company stated.