Front-running case: Sebi bans 9 entities, impounds Rs 21 cr illegal gains

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Front-running case: Sebi bans 9 entities, impounds Rs 21 cr illegal gains - Business Standard

Quick Summary:

Markets regulator Sebi has uncovered a front-running scheme involving PNB MetLife India Insurance Company equity dealer Sachin Bakul Dagli and eight other entities, who generated illegal gains of Rs 21.16 crore.

Sebi, through an interim order on Friday, prohibited Sachin Bakul Dagli and eight other entities from the securities market and impounded the unlawful gains made by them.

The front-running by these entities continued for more than three years.