Sebi sets one-year capital market ban on Kishore Biyani for insider trading

Sebi has also barred Biyani, four others from dealing in shares of Future Retail for two years

The Kishore Biyani-led group is in stake sale talks with Reliance Industries

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and three other entities to disgorge more than Rs 20 crore made wrongfully by dealing in shares while in possession of unpublished price sensitive information (UPSI).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.

“I find that violations committed by the noticees are serious in nature and calls for regulatory directions for debarment from the securities market and for disgorgement of wrongful gains made,” said Sebi whole time member Ananta Barua in an order. Sebi issued three set of show cause notices to Biyani and others in January 2020 following in investigation in the scrip of Future Retail to ascertain whether any person or entities connected to the company traded while in possession of UPSI. The noticees submitted their replies in July 2020 and appeared for personal hearing in October 2020…Read More

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