Refex Industries has disclosed that the Securities and Exchange Board of India (SEBI) has imposed a penalty on one of its key personnel in connection with alleged insider trading violations. The regulatory action was communicated to the exchanges as part of mandatory disclosure requirements under Regulation 30 of SEBI Listing Regulations.

SEBI Adjudication Order Details

SEBI passed an adjudication order on December 12, 2025, targeting insider trading activities in the scrip of Refex Industries Limited. The order was issued under Section 15-I of the SEBI Act, 1992, read with Rule 5 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995.

Alleged Violations and Charges

SEBI alleged that Mr. Anil Jain, in his capacity as Chairman and Managing Director of Refex Industries Limited, communicated Unpublished Price Sensitive Information (UPSI) to certain individuals or entities. These parties allegedly traded in Refex scrip while in possession of or based on this UPSI, resulting in unlawful gains of ₹12.33 lakh.

Company's Response and Impact Assessment

Refex Industries Limited has clarified that the penalty has been imposed on Mr. Anil Jain in his individual capacity. The company emphasized that there is no financial, operational, or other monetary impact on the listed entity due to this regulatory action.

Mr. Anil Jain has indicated his intention to vigorously contest the SEBI order and believes he can strongly defend his position through the legal process. He plans to avail all recourse available under law against this penalty adjudication order.

Regulatory Compliance Disclosure

The disclosure was made in compliance with Regulation 30 read with Para A of Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has requested both BSE and NSE to disseminate this information on their websites for public awareness.

This development highlights the ongoing regulatory scrutiny in the Indian capital markets regarding insider trading practices and the enforcement actions taken by SEBI to maintain market integrity.

Refex Renewables Infrastructure Limited has announced the successful conclusion of Income Tax Department search operations that began on December 9, 2025. The company disclosed under Regulation 30 of SEBI Listing Regulations on December 14, 2025, that the search operations were completed on December 13, 2025, with no adverse findings communicated by the authorities.

Search Operations Timeline and Closure

The Income Tax Department's search operations, which commenced on December 9, 2025, have been formally concluded after four days of comprehensive examination. The company has provided complete details of the operation timeline and outcomes:

Throughout the search process, Refex Renewables Infrastructure and its officers maintained complete transparency and provided all necessary documentation and information as requested by the Income Tax Department authorities.

No Adverse Findings Reported

In a significant development, the company has confirmed that as of the disclosure date, no communication, notice, or order has been received from the Income Tax Department indicating any adverse findings pursuant to the search operations. This represents a positive outcome for the company and its stakeholders.

Response to Speculative Media Reports

Refex Renewables Infrastructure has addressed speculative media coverage and social media posts suggesting adverse outcomes from the search operations. The company has categorically stated that such reports are speculative in nature and are not supported by any official communication from the Income Tax Department.

The company's position on media speculation includes:

• Rejection of speculation: Media reports suggesting adverse outcomes lack official backing
• Emphasis on facts: Only official communications from authorities will be considered factual
• Continued transparency: Commitment to inform stakeholders of any material developments
• Normal operations: Business activities continue without disruption

Compliance and Future Disclosures

Refex Renewables Infrastructure has reaffirmed its commitment to maintaining the highest standards of ethical conduct and legal compliance. The company has assured stakeholders that it will keep the stock exchanges informed of any material developments in accordance with applicable provisions of SEBI Listing Regulations.

The company continues to conduct its business in the normal course, with all operations remaining unaffected by the concluded search operations. This development provides clarity and closure to the matter that began earlier in December 2025.