The Securities Appellate Tribunal (SAT) has granted a stay on the recovery of a penalty imposed by the Securities and Exchange Board of India (SEBI) on Mr. Anil Jain, Promoter and Managing Director of Refex Industries. The stay is contingent upon Mr. Jain depositing 50% of the total penalty amount within four weeks from the date of the SAT’s order, which was passed on February 13, 2026. The company confirmed there is no direct financial impact on Refex Industries Limited.
Regulatory Update on Adjudication Order
Refex Industries Limited has issued a disclosure regarding an appeal preferred by Mr. Anil Jain, Promoter, Chairman & Managing Director, against an adjudication order previously passed by the Securities and Exchange Board of India (SEBI) in December 2025. The original SEBI order related to alleged insider trading activities involving certain entities in the company’s scrip.
Securities Appellate Tribunal Decision
The Securities Appellate Tribunal (SAT) has intervened in this matter. Pursuant to an order dated February 13, 2026, the SAT has granted a stay on the recovery of the penalty originally imposed by SEBI on Mr. Anil Jain. This crucial relief was communicated to the exchanges on February 19, 2026, following the order being uploaded to the SAT portal on February 18, 2026.
Conditions for Stay Approval
The stay order is subject to a specific financial condition being met by Mr. Jain. He must deposit 50% of the total penalty amount within a period of four weeks from the date of the SAT’s order, which became effective on February 13, 2026.
Implications for the Company
Refex Industries Limited confirms that this development concerning its Managing Director, while significant legally, carries No financial, operational or monetary impact on the Company itself.
Source: BSE
