SWSOLARSterling and Wilson Renewable Energy Ltd.
Sterling and Wilson gets SEBI warning letter over contra trade
- Legal
- Renewable energy EPC
Reviewed byRachit TripathiBlacklitt Research
Sterling and Wilson Renewable Energy (NSE: SWSOLAR) has received an administrative warning letter from the Securities and Exchange Board of India over a contra trade in the company's shares by a designated person in May 2024, it said in a filing on 06 Nov 2026.
What the letter says
SEBI investigated trading in the company's scrip from 12 Mar 2024 to 03 May 2024, a period around the results for the quarter and year ended 31 Mar 2024, which were announced on 20 Apr 2024. The trades at issue were made by Patsy Cherian, Senior Manager (Accounts) and a designated person under the company's internal code of conduct.
According to the letter, Cherian sold 220 shares on 08 Feb 2024 for ₹1.34 lakh and bought 5 shares on 17 May 2024 for ₹4,068. These were opposite transactions in the six-month period around the trading window closure of 1 to 22 Apr 2024. The company's code of conduct bars a designated person from an opposite transaction within six months of a prior one.
SEBI says the opposite transaction was flagged to the company by its monitoring agency but was missed by the company, and that the Company Secretary and Compliance Officer took no action. It also found that the trades did not fall within the exceptional categories that allow relaxation.
What SEBI advises and what the company says
SEBI says the lapses show a lack of due diligence in ensuring compliance with the PIT Regulations. It advises the company to take care to avoid a recurrence, and says action may be initiated under the SEBI Act, 1992 and the rules and regulations framed under it if the lapses recur.
The company says it will take the necessary steps to address the concern in the letter. It also says the letter is cautionary in nature and does not impose any financial or operational restrictions on the company.
What the warning means for Sterling and Wilson's shareholders
The letter is an administrative warning, which the company describes as cautionary, and by the company's account it places no financial or operational restriction on the business. The steps the company will take are not described in the filing.
Not stated: whether any action has been taken against Cherian or the Company Secretary beyond the warning, and whether the trades had any effect on the share price or the company's results.
At a glance
| Item | Detail |
|---|---|
| Letter dated | 30 Oct 2026 |
| Received from NSE | 05 Nov 2026 |
| Filed with the exchanges | 06 Nov 2026 |
| Period under review | 12 Mar 2024 to 03 May 2024 |
| Designated person | Patsy Cherian, Senior Manager (Accounts) |
| Sale, 08 Feb 2024 | 220 shares for ₹1.34 lakh |
| Purchase, 17 May 2024 | 5 shares for ₹4,068 |
| Results referred to | Quarter and year ended 31 Mar 2024, announced 20 Apr 2024 |
Filed with NSE on . Reference: Original filing (PDF)
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