SEBI trading ban on Future Group CEO Kishore Biyani The order comes after the Delhi high court directed FRL to maintain status quo on the Rs 24,713-crore deal with Reliance Retail
The Securities and Exchange Board of India (Sebi) on Wednesday barred Future Group promoter and CEO Kishore Biyani from accessing the securities market for a year and trading in the shares of Future Retail Ltd (FRL) for two years on the grounds of alleged insider trading in FRL shares between March and April, 2017.
Sebi’s order comes after the Delhi high court directed FRL to maintain status quo on the Rs 24,713-crore deal with Reliance Retail.
The Securities and Exchange Board of India (Sebi) on Wednesday barred Future Group founder Kishore Biyani from the capital markets for a period of one year for alleged breach of insider trading regulations. The regulator directed Biyani and three other entities to disgorge more than Rs 20 crore made wrongfully by dealing in shares while in possession of unpublished price sensitive information (UPSI). The matter dates back to 2017, when company Biyani and other ‘insiders’ traded in shares of Future Retail during the period of UPSI, pertaining to a scheme of arrangement involving its home retail businesses. Sebi has also imposed a ban on Biyani and four other entities from dealing in shares of Future Retail for a period of two years.
Market regulator Securities and Exchange Board of India (Sebi) on Wednesday prohibited Future Group CEO Kishore Biyani and his brother from being associated with securities market in any manner for a period of one year. The Sebi order is related to the case of alleged insider trading between March and April 2017. Biyani won t be allowed to buy, sell or deal in securities of Future Retail for a period of two years. Further, Future Corporate Resources and the two Biyani brothers will each need need to pay a penalty of Rs 1 crore within 45 days, Sebi noted.
SEBI also barred FCRL Employee Welfare Trust and 4 others from securities market for 1 year.
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