HEG Reports Insider Trading Violations by Promoter Group Members
HEG Limited reported insider trading violations by promoter group members Mr. Nivedan Churiwal, Ms. Shubha Churiwal, and Ms. Sudha Churiwal. They traded shares without pre-clearance and failed to disclose transactions. The individuals have been advised to sell acquired shares, disgorge proceeds to SEBI, and restrict further trading.
While the violations are serious and involve members of the promoter group, the company has taken corrective actions and the amounts involved are not excessively large relative to the company's overall market capitalization. The impact is medium as it affects corporate governance perception.
The announcement details violations of insider trading regulations by designated persons, which is a negative development for corporate governance.
HEG Limited has reported violations under the Company's Code of Conduct and SEBI (Prohibition of Insider Trading) Regulations, 2015. The violations involve designated persons from the Promoter Group, including Mr. Nivedan Churiwal, Ms. Shubha Churiwal, and Ms. Sudha Churiwal. These individuals were found to have traded in HEG Limited's equity shares without pre-clearance and failed to disclose their transactions to the company.
Specifically, on December 30, 2025, Mr. Nivedan Churiwal bought 3,935 shares for ₹23,64,852.74 and sold 35 shares for ₹21,079.78. Ms. Shubha Churiwal bought 1,500 shares for ₹9,04,765.16, and Ms. Sudha Churiwal bought 895 shares for ₹5,39,805.52. These transactions were reported to the company on January 17, 2026, after a show cause notice was issued on January 16, 2026.
In response to these violations, HEG Limited has advised the concerned individuals to immediately sell all equity shares acquired on December 30, 2025, and deposit the entire sale proceeds into the designated SEBI account. They are also required to submit documentary evidence of the sale and deposit to the company and inform their brokers to restrict further trading in HEG Limited shares without strict adherence to SEBI regulations and the company's code of conduct. The company has also reported that Mr. Nivedan Churiwal has disgorged ₹20,97,450, Ms. Shubha Churiwal ₹8,07,923, and Ms. Sudha Churiwal ₹4,82,000 into the SEBI account on February 21, 2026, via online transfer. There have been no previous instances of such violations since the last financial year.
What to do with a filing like this
HEG Limited filed this with the NSE as a statutory disclosure, categorised under insider trading. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by HEG Limited. Read the original for the full detail.