Market regulator SEBI on Wednesday barred Future Group CEO Kishore Biyani from accessing the securities market for one year.
The case pertains to insider trading between March and April 2017. Also, Biyani was barred from buying, selling or dealing in securities of Future Retail (FRL) for two years.
SEBI said its probe since 2017 found that Biyani had used unpublished price-sensitive information (UPSI) to trade in Future Retail shares.
Biyani and a few other entities involved in the matter have been directed to jointly disgorge ₹17.78 crore to SEBI. The regulator also barred Future Corporate Resource, Employee Welfare Trust and four others from the market for a year.
The SEBI order pertains to trades executed when FCRL merged into Suhani Trading and Investment Consultants.
According to SEBI, Future Retail had made a crucial announcement on April 20, 2017 during market hours on the exchange platform. The market regulator said the information related to mergers, demergers, acquisitions, etc., qualified as UPSI.