One-year bar on Future Group CEO Kishore Biyani, brother Anil from securities market 

NEW DELHI:  The Securities and Exchange Board of India (Sebi) on Wednesday barred Future Group Chief Executive Kishore Biyani and his brother Anil from accessing the securities market for a year on charges of insider trading. 

Sebi also barred Biyani from trading in Future Retail shares for two years.

The Biyani brothers will each have to pay a penalty of Rs 1 crore within 45 days. The markets regulator issued the order after investigating charges of insider trading in shares of its retail firm Future Retail in 2017.

Sebi said the two brothers traded in shares of Future Retail through a group company on the basis of unpublished price sensitive information before a demerger of certain businesses of Future Retail that pushed its share price higher.

The Sebi investigation found the Biyanis opened a trading account for an entity named Future Corporate Resources Private Limited, which traded in Future Retail’s shares before the demerger decision was made public.  

Kishore Biyani is already fighting a legal challenge from Amazon Inc over the sale of Future’s retail assets. A court in New Delhi blocked Future Group’s sale of retail assets to Reliance Industries on Tuesday.