SEBI Front-Running Case: Settlement Reached with Rs 91 Lakh Fee

Meghana Gosar and Devan Sangoi have settled an alleged front-running case with SEBI by paying a Rs 91 lakh fee. Additional terms include Gosar's disgorgement payment of Rs 27.77 lakh and a six-month voluntary market ban. The settlement includes no admission or denial of wrongdoing.

In a resolution to an alleged front-running case, Meghana Gosar and Devan Sangoi have agreed to a settlement with the Securities and Exchange Board of India (SEBI), paying a settlement fee of Rs 91 lakh.

SEBI's settlement order stipulates that apart from the settlement amount, Gosar must also remit a disgorgement payment of Rs 27.77 lakh, with an added interest of 12% per annum from the date of the violation in April 2022 until the application was filed. Both individuals are prohibited from market dealings for six months.

The allegations involved unauthorized trading information involving a major client and infractions of the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms. Following investigation, no admission of wrongdoing has been made, but the settlement terms have been approved by SEBI's High Powered Advisory Committee.

(With inputs from agencies.)