Franklin case: Meet Vivek & Roopa Kudva, the couple in Sebi's firing line

The Kudva family finds itself in an unfortunate position. But professionals have been forewarned after this incident

“I hold that the redemption of units by the Noticee No. 1 (Vivek Kudva) on his own behalf and on behalf of Noticee No. 3 (Vasanthi Kudva) while being privy to material non-public information is an ‘unfair trade practice’… further… the facts and circumstances and timing of the redemptions made by Noticee No. 2 (Roopa Kudva) lead to a distinct likelihood that the said redemptions were also based on material non-public information passed on by Noticee No 1…

This is the gist of the Securities and Exchange Board India’s (Sebi) order on Franklin Templeton’s Asia Pacific distribution head Vivek Kudva,