Sebi bars Kishore Biyani from accessing securities market for one year

Market regulator Securities and Exchange Board of India (Sebi) on Wednesday prohibited Future Group CEO Kishore Biyani and his brother from being associated with securities market in any manner for a period of one year.

The Sebi order is related to the case of alleged insider trading between March and April 2017.  Biyani won't be allowed to buy, sell or deal in securities of Future Retail for a period of two years.  Further, Future Corporate Resources and the two Biyani brothers will each need need to pay a penalty of Rs 1 crore within 45 days, Sebi noted.

SEBI also barred FCRL Employee Welfare Trust and 4 others from securities market for 1 year.

The market regulator stated that Biyani, along with some other parties, is involved in disgorging an amount of over Rs 17 crore to it. Sebi also said that the decision was reached after probe into use of unpublished price sensitive information to trade in Future Retail.

The order relates to trading executed when FCRL merged with Suhani Trading and Invstement.