Sebi bars four from markets for 2 years in front-running case linked to FPI

The market regulator barred four individuals for two years and imposed penalties after finding evidence of front-running trades linked to foreign portfolio investor Societe Generale

The Securities and Exchange Board of India (Sebi) on Friday barred four individuals from the securities market for two years for allegedly front-running trades of foreign portfolio investor Societe Generale.

 

The regulator also imposed a penalty of ₹5 lakh each on Vishvanath Goswami, Umang Chaturvedi, Shyam Chaturvedi, and Vinod Kumar Chaturvedi.

 

In its investigation covering January 2022 to December 2023, Sebi found evidence of front-running in 350 trades executed by the FPI.

 

According to Sebi, the individuals were linked to Atul Chaturvedi, a sales trader at Antique Stock Broking, which acted as the broker for the FPI. Atul Chaturvedi was allegedly privy to material non-public information regarding the FPI’s impending trades.

 

He settled the case with Sebi in November 2025 after paying a disgorgement amount of ₹1.48 crore. Several other individuals had earlier settled related proceedings in October 2025 by paying a total of ₹19.5 lakh.