New Delhi: Capital market regulator Securities and Exchange Board of India (SEBI) on Friday passed its final order in the IIFL group front-running case, finding the group’s equity dealer Santosh Singh guilty of wrongfully using his knowledge of impending orders of its group entities.
Front-running is the practice of dealing on advance information provided by their brokers and investment analysts before their clients have been given the information is called front running.
The SEBI also found his friend Adil Suthar guilty, thereby penalising the account holders whose accounts were used by the duo for placing those front running trades.
Additionally, Singh and Sutar would be barred from 5 years, while slapped with Rs 10 lakh and Rs 8 lakh penalties, respectively, which must be paid within 45 days’ time.
Read more:
IIFL AMC starts own probe as SEBI bars dealer for ‘front-running’
IIFL dealer, 5 others barred from securities market for front running
Mukesh Ambani tops IIFL Hurun Rich List for 9th straight year with Rs 6.58L Cr asset
Indian Navy, IIFL Home Finance Ltd ink MoU for jobs to veterans
IIFL to raise Rs 2,000 cr long-term capital