SAT Stays SEBI Order Against Kishore Biyani, Future Group Entity
Feb 16 2021, 12:10 PM
February 15 2021, 10:08 PM
February 16 2021, 12:10 PM
The Securities Appellate Tribunal has stayed the market regulatorâs order that restricted Future Group founder Kishore Biyani, his brother Anil Biyani and Future Corporate Resources Pvt., along with other individuals from accessing the securities market for a year.
The Securities Appellate Tribunal has stayed the market regulatorâs order that restricted Future Group founder Kishore Biyani, his brother Anil Biyani and Future Corporate Resources Pvt., along with other individuals from accessing the securities market for a year.
A three-member bench led by Justice Tarun Agarwala, who heard the matter through video conferencing, stayed the effect and operation of Securities and Exchange Board of Indiaâs order. It has directed the entities to deposit an amount of Rs 11 crore and will hear the matter in April, as per the media rel
Insider trading case: Kishore Biyani moves SAT against SEBI ban
February 06, 2021
Kishore Biyani, Promoter of the Future Group - KAMAL NARANG×
The market regulator had barred the Future group promoter from the capital market
Kishore Biyani, the promoter of Future Group, has moved the Securities Appellate Tribunal (SAT) seeking to overturn the Securities and Exchange Board of India (SEBI) order barring him from accessing the capital market for a year.
Biyani, who also owns Future Retail Ltd (FRL), is challenging the SEBI order that had barred him from buying, selling or dealing in securities of FRL.
Last week, market regulator SEBI had barred Biyani in an insider trading case between March and April 2017. SEBI said its probe since 2017 found that Biyani had used unpublished price-sensitive information (UPSI) to trade in Future Retail shares.
Insider Trading: SEBI order banning Kishore Biyani from securities market, explained
What were the wrongdoings that the investigation by India’s capital market regulator revealed and how did it establish the alleged charges against Kishore Biyani and Future Group entities? The big questions answered below.
File image: Future Group Chairman Kishore Biyani
The Securities and Exchange Board of India (SEBI) has barred Future Group founder Kishore Biyani and his brother Anil along with a few other individuals from the securities market for one year. India’s capital markets regulator also banned them from trading in the shares of Future Retail for two years after an investigation found insider trading in shares of Future Retail in 2017. What were the wrongdoings that the SEBI probe revealed and how did it establish the alleged charges? Below is an attempt to answer the vital questions on the SEBI order issued on February 3.
Future Retail Ltd further tumbled 5 per cent on Thursday as investors continued to sell the company s shares for the second consecutive day. The stock declined 4.99 per cent to close at Rs 74.20 its lower circuit limit on the BSE. On Wednesday too, Future Retail Ltd (FRL) declined 5 per cent amid concerns related to the deal with Reliance Retail. Other group stocks also tumbled on Thursday, with Future Enterprises falling 4.94 per cent, Future Lifestyle Fashions declining 4.98 per cent and Future Consumer slumping 4.26 per cent. Sebi, on Wednesday, barred Kishore Biyani and certain other promoters of FRL from the securities market for one year for indulging in insider trading in the shares of the company.
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Future Retail CEO Kishore Biyani barred from securities market for insider trading
The Securities and Exchange Board of India (SEBI) has barred Future Retail CEO Kishore Biyani, among others, from the securities market for a period of one year for insider trading in the scrip of Future Retail (FRL). The other entities and individuals barred from the securities market are Future Corporate Resources Private Limited (FCRPL), Kishore Biyani s brother Anil Biyani, Rajesh Pathak and Rajkumar Pande.
An investigation found that some of the entities traded in shares of Future Retail on the basis of unpublished price sensitive information (UPSI) violating SEBI norms during the period between March 10 and April 20, 2017.