The SEBI on Wednesday restrained Kishan Vishram Nanda, who worked as an equity dealer in the broking arm of Sanctum Wealth Management, from accessing the securities market and dealing in securities for three years and for front-running trades of Sanctum PMS. He has been been levied a penalty of ₹5 lakh.
Nanda had opened a trading account in the name of Kishan Vishram Nanda HUF and six additional trading accounts in the name of his family members — Sumitra Vishram Nanda, Vishram Purshottam Nanda HUF, Prafulla Kisan Nanda, Vijay Vishram Nanda HUF, Leena Vijay Nanda and Rahul Narottam Nanda with Globalworth Securities. Kishan Vishram Nanda traded through these accounts to front-run the impending trade orders of Sanctum PMS.
All the above noticees, except Vishram Purshottam Nanda HUF (noticee 4), have been restrained from accessing the securities market, and prohibited from dealing in securities for a year.
All except noticee 4 are directed, jointly and severally, to disgorge a sum of ₹34,84,605 along with an interest at the rate of 12 per cent simple interest per annum (computed from October 16, 2020, the last front running date, till the date of actual payment) within 45 days to the Investor Protection and Education Fund.