The price of equity share of a listed company viz. NextDial Ltd. (NDL) increased from ₹10 to high of ₹50 i.e. a rise of 500% during the period 1st April, 2018 to 30th Sept., 2018. NDL had entered into a Share Purchase Ag

The promoter of Next Dial Ltd. was involved in the negotiation for fixing the share price and traded in the shares of the company while being privy to the price sensitive information. Therefore, it is alleged that promoter had dealt in the shares of the company while in possession of or on the basis of the Unpublished Price Sensitive Information (UPSI). Additionally, he has also communicated or counseled, directly or indirectly, the UPSI to his wife, who in turn has also traded in the shares of the company. The definition of Price Sensitive Information also includes the following as Price Sensitive Information; (a) amalgamation, mergers or takeovers, (b) disposal of the whole or substantial part of the undertaking. So Unpublished Price Sensitive Information (UPSI) was existed.