Sunil, Company Secretary and Executive Director of a company, had bought shares of that company on behalf of his family members on the basis of unpublished price sensitive information, which was not known to general publ

Sunil, Company Secretary and Executive Director of a company, had bought shares of that company on behalf of his family members on the basis of unpublished price sensitive information, which was not known to general public but to him as an employee of the company. Family members later on tendered the said shares in an open offer announced by some acquiring company at a higher price, thereby making huge gains. The SEBI found Sunil guilty of misconduct of insider trading and imposed penalty. Sunil admitted that he had made a mistake but contested the penalty. He, however, was willing to pay back the profit earned by sale of shares. Considering the facts of the case, you are required to suggest whether as per the relevant legal provisions relating to insider trading, the SEBI should waive the penalty considering the fact that Sunil admits indulging in insider trading and is willing to pay back the whole profit earned.