Insider trading case

In an over six-year-old insider trading case in shares of RIL group’s erstwhile entity IPCL, the Securities and Exchange Board of India, on Friday, disposed of the charges against Alaska Mercantile as this entity could not be proved to be an ‘insider’ Alaska Mercantile, a share trading entity having one Padam Jain as its main shareholder, was being probed for allegedly being an insider entity trading in shares of IPCL in early 2007 on the basis of access to ‘unpublished price sensitive information’. — PTI