In December 2006, the then MD of Tata Finance, Dilip Pendse was held guilty of insider trading. He was charged with helping the former director of Niskhkalp Investment and Trading, (Niskhalp was a subsidiary of Tata Finance) J Talaulicar offload a large chunk of shares at a premium prior to the public announcement of Nishkalp's big loss. He was barred from dealing in the securities market for a period of 2 years and a monetary penalty was also imposed on him. However Mr. Pendse did appeal before the SAT which set aside SEBI's order. SEBI had approached the Supreme Court in this regard and a decision on this matter is still pending. 6. In very recent news, Reliance Industries Limited (RIL) could face a record fine for the offence of insider trading if SEBI establishes that RIL was involved in the offence.