India's SEBI bars eight entities in front-running case
Market participants must block sanctioned entities from securities access
SEBI
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India's SEBI barred eight entities in a front-running case and ordered ₹1.296 crore disgorgement with interest.
Why it matters
SEBI found a front-running scheme using non-public information about institutional trades. The order imposes securities-market restraints, intermediary-role restrictions, disgorgement and monetary penalties.
Implications
- — Stock exchanges and depositories must enforce securities-market restraints immediately — restricted noticees cannot buy, sell or deal in securities during the barred period.
- — SEBI-registered intermediaries and listed companies must block Noticees 1, 2 and 8 from director or key managerial roles for two years — prohibited association breaches SEBI's final order.
- — The noticees must disgorge ₹1.296 crore with 12% annual interest within 45 days — non-payment leaves them exposed to further recovery action.
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