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An investigation found that some of the entities traded in shares of Future Retail on the basis of unpublished price sensitive information (UPSI) violating SEBI norms during the period between March 10 and April 20, 2017.
Further, the noticees have also been restrained from buying, selling or dealing in the securities of Future Retail Limited (FRL), directly or indirectly, in any manner whatsoever, for a period of two years.
SEBI in its order has also asked Future Corporate Resources, Kishore Biyani and Anil Biyani to jointly and severally disgorge an amount of over Rs 17.78 crore along with an interest at the rate of 12 per cent per annum from April 20, 2020 till the date of actual payment.
