The Securities and Exchange Board of India (Sebi) on Wednesday barred Future Group founder Kishore Biyani from the capital markets for 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and three other entities to disgorge more than Rs 20 crore made wrongfully by dealing in shares while in possession of unpublished price sensitive information (UPSI).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 between Future Retail and two other private entities Bluerock eServices and Praxis Home Retail.
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.
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