SEBI bans Future Group s Kishore Biyani, others from securities market for one year over insider trading In addition, the regulator has imposed a fine of Rs one crore each on Kishore Biyani, Anil Biyani and Future Corporate Resources and ordered them to pay back Rs 17.78 crore with interest File image of Kishore Biyani. PTI
New Delhi: SEBI on Wednesday barred Kishore Biyani and certain other promoters of Future Retail Ltd from the securities market for one year for indulging in insider trading in the shares of the company.
Apart from Kishore Biyani, who was the CMD and promoter of Future Retail Ltd (FRL), others facing the ban are Future Corporate Resources Pvt Ltd, Anil Biyani and FCRL Employee Welfare Trust.
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.
Kishore Biyani, 7 Others Barred from Securities Market for 1 Year by SEBI
Moneylife Digital Team
2
Market regulator Securities and Exchange Board of India (SEBI) has barred for one year, Kishore Biyani, the chief of Future group, Future Corporate Resources Pvt Ltd and three others from accessing securities market in any manner. The SEBI order is related with alleged insider trading in Future Retail Ltd during March and April 2017. SEBI also barred FCRL Employee Welfare Trust, Anil Biyani, Rajesh Pathak, Rajkumar Pande, Virendra Samani and Arpit Maheshwari from securities market for one year. Arpit Maheshwari, deputy manager of Future Retail has been barred from markets for one year and restrained for two years from dealing in shares of Future Retail. The market regulator also asked these entities to disgorge wrongful gains made by them in the alleged insider trading.
1960
New Delhi, February 3
Sebi on Wednesday barred Kishore Biyani and certain other promoters of Future Retail Ltd from the securities market for one year for indulging in insider trading in the shares of the company.
Apart from Kishore Biyani, who was the CMD and promoter of Future Retail Ltd (FRL), others facing ban are Future Corporate Resources Pvt Ltd, Anil Biyani and FCRL Employee Welfare Trust.
In addition, the regulator has imposed a fine of Rs 1 crore each on Kishore Biyani, Anil Biyani and Future Corporate Resources. Besides, they have been asked to disgorge Rs 17.78 crore for the wrongful gains made by them.