Sebi bars Future Group CEO Kishore Biyani from securities market for 1 year – Times of India

NEW DELHI: The Securities and Exchange Board of India (Sebi) on Wednesday barred Future Group CEO Kishore Biyani and his brother Anil from accessing the securities market apparently for a period of one year.
Sebi’s order pertains to a case of alleged insider trading by both the brothers between March and April 2017.
The market regulator announced its decision after a probe into the use of unpublished price sensitive information to trade in Future Retail.
Sebi stated that Biyani, along with some other parties, is involved in disgorging an amount of over Rs 17.78 crore.
In its investigation Sebi found that the Biyanis opened a trading account for an entity named Future Corporate Resources Private Limited. This entity traded in Future Retail’s shares on the basis of unpublished price sensitive information before the demerger decision of certain businesses of the company was made public.
Also, as per the order, Biyani will not be allowed to buy, sell or deal in securities of Future Retail for a period of two years.
In addition, Future Corporate Resources and the two Biyani brothers will each need to pay a penalty of Rs 1 crore within 45 days.
(With inputs from Reuters)