Front running case: Sebi bans 5 from mkts for 1 year, impounds Rs 1.53 cr

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Front running case: Sebi bans 5 from mkts for 1 year, impounds Rs 1.53 cr - Business Standard

Quick Summary:

Capital markets regulator Sebi on Friday barred five individuals from the securities markets for one year and directed them to impound illegal gains of nearly Rs 1.53 crore made from their front-running activities.

The regulator also imposed a penalty of Rs 10 lakh on Nikhil Khaitan, and Rs 5 lakh on Om Prakash Khaitan, Manju Khaitan, Neha Khaitan, and Nidhi Tibrewal.

Front-running refers to an illegal practice in the stock market where an entity trades based on advanced information from a broker or analyst before the information has been made public."...noticee No 1 (Nikhil Khaitan), while being dealer of the Big Clients and having knowledge of...impending orders, front ran the trades of big clients by using trading account of the FRs (Noticee No.2, 3, 4 and 5) during the IP (investigation period) and gained benefit from non-public information," Sebi said in a 49-page final order.