The Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 60 lakh on Sujit Karkera, a trader who went piggy back on information coming from a trader at one of the largest foreign institutional investor Citigroup Global Markets Mauritius. Sebi also imposed a total fine of over Rs 58 lakh against Karkera's father Purushottam Karkera and wife Shilpa Kotak. Karkera used both their accounts to trade on information from Citi. The front running incident dates back to 2008.
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