Future Group CEO Kishore Biyani has been banned from accessing the securities market for one year in the matter of an insider trading case from 2017.
In its order, SEBI said Biyani is prohibited “from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of one (1) year, from the date of this order.”
In addition to this, he has also been barred from buying, selling or dealing in Future Retail’s securities for two years. The matter pertains to a matter between March and April 2017, into a probe of using unpublished price sensitive information to trade in Future Retail’s shares.
SEBI directed Future Corporate Resources Private Limited, Kishore Biyani and Anil Biyani to jointly disgorge Rs 17,78,25,000 along with an interest at the rate of 12% per annum from April 20, 2020 till the date of actual payment.
Future Corporate Resources Private Limited, Kishore Biyani and Anil Biyani were also slapped with a penalty of Rs 1 crore each, to be paid within 45 days.