Gupta began serving a two-year prison term on insider trading charges in June 2014.
Gupta is scheduled to be released from prison in March, 2016.
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Gupta was convicted in 2012 following a jury trial of passing confidential information about Goldman Sachs to Raj Rajaratnam minutes after he learned about them at the board meetings.
A full panel of the 2nd US Circuit Court of Appeals yesterday denied Gupta's petition for 'panel rehearing, or, in the alternative, for rehearing en banc'.
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The ruling by the Supreme Court was made in a parallel civil insider trading case brought against Gupta by federal regulator Securities and Exchange Commission.
Justice Ruth Bader Ginsburg, who handles emergency applications from the 2nd Circuit, on Wednesday denied Gupta's request to stay out of prison.
He was convicted in his 2012 trial of passing confidential boardroom information to his one-time friend and business associate Raj Rajaratnam
Gupta filed a 70-page petition with the US Court of Appeals for the Second Circuit yesterday seeking 'panel rehearing and rehearing en banc', saying in 'rejecting two of his challenges to the exclusion of critical evidence in his case, the panel misapprehended several points' about the insider trading case against him.
India-born former Goldman Sachs director Rajat Gupta has asked a US appeals court to overturn a court's ruling that he pay a hefty $13.9 million fine in the insider trading case and sought reversing a life ban on him from serving as director of a public company.
Rajat Gupta had made the request to travel to India in February.
Gupta lost his final bid to avoid reporting to jail after the US Supreme Court last week denied his application to remain free on bail while his insider trading case is reheard.
Gupta began serving a two-year prison term on insider trading charges
He will now have to submit to the two-year jail term handed down to him.
Gupta occasionally runs into his one time friend-turned foe Rajaratnam, also serving an 11-year prison term on insider trading charges in the same facility.
Last week the reputation of Gupta, one of the most revered business and management icons for the Indian American community, came under a cloud after the Federal Security and Exchange Commission charged him with insider trading.
If Gupta had given Raj Rajaratnam information that Goldman Sachs was going to get an investment from Warren Buffet (and suppose, if Rajaratnam had not sold an already long position in Goldman stock based on this material, non-public information), would this have amounted to a criminal offence on Gupta's part?
Gupta, who has also been associated with the UN in other capacities, succeeds John Chalsty who stepped down after a two-year term.
Every accomplished major immigration group in America has had its heroes and fallen heroes.
The Indian Institute of Technology and Harvard educated former McKinsey head is one of the most prominent Wall Street titans to be charged by fellow Indian and Harvard alumnus Bharara.
Nuanced US reaction to Rajat Gupta's fall shows greater maturity than the extremes we go to in India.
John Dowd, Rajaratnam's lawyer, asked the jury why Rajat Gupta, 62, would risk his entire career and reputation for nothing.
Former head of McKinsey & Co,c, is not alone in writing a book on his life after serving a prison term.
In a lengthy-118 page submission to Supreme Court Justice Ruth Bader Ginsburg, Gupta requested to remain free on bail, saying he is not a flight risk and if an appeals court rules in his favour, he will 'likely' be entitled to a new trial.
Gupta's lawyers said he did not accrue any 'direct financial benefit' from the insider trading offences and yet he has been ordered to pay a 'heavy price' of two years in prison, a $5 million fine and a separate $6 million in restitution to Goldman Sachs.
Rajaratnam's appeal against his conviction comes a day after a federal judge sentenced his friend and business associate Indian-American Rajat Gupta to two years imprisonment for leaking boardroom secrets to him.
If Sebi had adjudicated Rajat Gupta's case, he would have got off with a mild fine or probably the charges would have been dropped, not in spite, but because of his impeccable track record.
Rajat Gupta, 70, the first Indian managing director of McKinsey and who of 17 months in US prison for insider trading, gets ready to tell his side of the story. And he is less than complimentary about Preet Bharara, then the famous crusading US attorney for the Southern District of New York. "The jury, the press and the public saw only... a 'cropped picture', he says. For someone whose life story was a model of the Great American Dream - an Indian of modest means who rose to the highest circles of politics and business, mingling with the White House and Davos crowd - his indictment in 2012 marked a stunning fall from grace. Many ascribed it to the hubris of the rich and powerful, says Kanika Datta.
In a 99-page sentencing memorandum submitted in federal court on Thursday, Gupta's lawyer Gary Naftalis requested that the 'court impose a sentence of probation with the condition that Gupta perform a rigorous full-time program of community service.'
A United States court in New York has dismissed a lawsuit filed by an Indian-origin law student against Manhattan's top federal prosecutor Preet Bharara and the justice department for unlawfully questioning her and seizing the phone during Rajat Gupta's insider trading trial.
An Indian-origin law student has sued Manhattan's top federal prosecutor Preet Bharara and the US Justice Department claiming she was unlawfully questioned and her cell phone confiscated after she sent letters to the presiding judge during Rajat Gupta's insider trading trial.
Contrary to popular notions, US laws protect the truly rich and powerful Rajat Gupta, however, was an outsider.
Leading IIT alumni in the United States, including former chairmen and CEOs of Fortune 500 multinational conglomerates like Raj L Gupta, expressed sadness over the Greek-like tragic fall of Rajat Gupta.
Attorney David Frankel questioned Joseph Yanagisawa, an employee in Goldman Sachs's technology unit, about phone calls between the global banking giant's head of Asia Equity Sales David Loeb and Rajaratnam.
She was also ordered to pay $1.5 million in forfeiture.
Jailed hedge-fund founder Raj Rajaratnam has agreed to pay $1.45 million to settle a civil lawsuit filed by US regulator SEC against him and India-born former Goldman Sachs director Rajat Gupta for their roles in one of the largest insider-trading schemes in US history.
Wherever you look, heroism seems to be on the retreat. Is this a modern malaise or are heroes doomed to fall, asks Arundhuti Dasgupta.
A criminal case was filed against Gupta by the United States Attorney's Office on October 26, 2011 for insider trading.
Berkshire Hathaway's India-born head of reinsurance business Ajit Jain, seen as a possible successor to billionaire investor Warren Buffett, will testify through a video deposition for his "close friend", former Goldman Sachs director Rajat Gupta in his insider trading trial.
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