New Delhi, Jun 3 (IANS): Capital market regulator Securities and Exchange Board of India (SEBI) on Friday passed its final order in the IIFL group front-running case, finding the group's equity dealer Santosh Singh guilty of wrongfully using his knowledge of impending orders of its group entities.
Front-running is the practice of dealing on advance information provided by their brokers and investment analysts, before their clients have been given the information is called front running.
The SEBI also found his friend Adil Suthar guilty, thereby penalised the accountholders whose accounts were used by the duo for placing those front running trades.
Additionally, Singh and Sutar would be barred from 5 years, while slapped with Rs 10 lakh and Rs 8 lakh penalties, respectively, which must be paid within 45 days time.