Sterling and Wilson Renewable Energy Limited has received an administrative warning letter from the Securities and Exchange Board of India (SEBI). This warning is related to a contra trade executed in the company’s shares by a Designated Person in May 2024. The SEBI letter is cautionary in nature and does not impose any financial or operational restrictions on the company. Sterling and Wilson stated it will take necessary steps to address the concern.
SEBI Issues Administrative Warning to Sterling and Wilson Renewable Energy
Sterling and Wilson Renewable Energy Limited has announced that it has received an administrative warning letter from the Securities and Exchange Board of India (SEBI). The warning, dated October 30, 2026, was issued following an investigation into trading activity in the company’s shares between March 12, 2024, and May 3, 2024. This period included the time around the announcement of the company’s financial results for the quarter and financial year ended March 31, 2024.
Contra Trade Incident
The investigation by SEBI identified that Ms. Patsy Cherian, a Senior Manager (Accounts) and a Designated Person at the time, executed contra trades in the company’s shares during the trading window closure period (April 1-22, 2024). Specifically, trades were executed on February 8, 2024 (Buy Qty 5, Sell Qty 0) and May 17, 2024 (Buy Qty 0, Sell Qty 5). The company informed SEBI that its internal code of conduct prohibits Designated Persons from entering into such opposite transactions within six months following a prior transaction, with certain exceptions not applicable in this case.
The SEBI letter noted that the contra transaction executed by Ms. Patsy was flagged to the Company by the monitoring agency but was missed by the Company, and no action was taken. SEBI highlighted a lapse in due diligence by the Compliance Officer in ensuring compliance with the Prohibition of Insider Trading Regulations and the Company’s Code of Conduct.
Company Response and Nature of Warning
Sterling and Wilson Renewable Energy has stated that the SEBI letter is cautionary and does not impose any financial or operational restrictions on the Company. The company intends to take necessary steps to address the concerns raised in the SEBI letter. SEBI advised the company to take care to avoid recurrence of such instances in the future, warning that action could be initiated if such instances repeat.
Source: BSE
