Sebi imposes 5-year market ban on two individuals in front-running case

Market regulator Sebi on Friday imposed a five-year market ban on two individuals —  Santosh Singh and Adil Suthar — for indulging in fraudulent activities such as front-running of trades. 

Singh worked as a dealer with IIFL Mutual Fund, while Suthar was a sub-broker with Angel Broking.  

Singh, who was a friend of Suthar, used to tell him to watch certain specific scrips and price movements and execute buy and sell trades in those scrips, it has been alleged.

Regulator revokes order against Bhutada

In another development, Sebi also revoked an order passed against Abhay Bhutada, MD and CEO of Poonawalla Finance (formerly Magma Fincorp). 

In an interim order dated September 15, 2021, Sebi had barred Bhutada and seven others for allegedly passing unpublished price sensitive information (UPSI) and insider trading.