Why SEBI banned Big Bazaar’s Kishore Biyani from securities market for 1 year?
Team Udayavani, Feb 4, 2021, 11:17 AM IST
India’s capital market regulator barred Future Group CEO Kishore Biyani from accessing the securities market for a year after its investigation revealed insider trading in shares of its retail unit in 2017.
He and his brother opened a trading account for Future Corporate Resources, which traded in Future Retail shares before a demerger decision was made public, which pushed its shares higher. SEBI said the trades were based on “unpublished price-sensitive information”. This happened between March 10, 2017, and April 20, 2017, when certain businesses of FRL were recast, causing its share price to rise
Apart from the ban, the Securities and Exchange Board of India (Sebi) also ordered a penalty and disgorgement of illicit gains from Biyani-family controlled entities that include Future Corporate Resources Pvt. Ltd (FCRL), FCRL Employee Welfare Trust (FCRLWT) and several individuals found to be acting in connivance with the Biyanis.
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