SEBI's Crackdown on Front-Running: Six-Month Market Ban Enforced
India's market regulator, SEBI, has imposed a six-month securities market ban on Mandar Ulhas Bhatkar and Vikrant Bhimrao Kadam, directing them to return Rs 34.26 lakh of wrongful gains from front-running activities. A penalty of Rs 5 lakh each was also levied for violating trading regulations.
- Country:
- India
India's market watchdog, the Securities and Exchange Board of India (SEBI), took decisive action on Tuesday, barring two individuals from engaging in securities market activities for six months. The decision comes after SEBI identified illegal trading practices known as front-running.
The recipients of the ban, Mandar Ulhas Bhatkar and Vikrant Bhimrao Kadam, were also ordered to return Rs 34.26 lakh of profits they garnered from these unauthorized activities. SEBI's investigation revealed that the duo capitalized on insider information at the expense of fair trading practices.
In addition to the market restrictions, each individual received a Rs 5 lakh fine as SEBI reasserts its commitment to upholding integrity within the securities market, keenly focused on maintaining investor trust and transparent market operations.
(With inputs from agencies.)
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