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Mumbai9 hours ago
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According to SEBI, the Biyani brothers purchased shares of Future Retail through a group company on the basis of unabsorbed sensitive information prior to de-merger of some of Future Retail’s businesses. -File photo
Kishore Biyani, owner of Future Group, has got relief from the Security Appellate Tribunal. The SAT has banned the SEBI order banning Kishore Biyani and others from the security market. Now the promoters of Future Group have been asked to deposit Rs 11 crore as an interim measure.
Future Corporate Resources Private Limited (FCRPL) said that SAT has stayed the Sebi order in a hearing held on 15 February, in which it insisted on promoters of Future Group over a March 2017 purchase of shares of Future Retail Accused of trading (insider trading).
SEBI imposed a fine of around Rs 18 crore
SEBI had on February 3 banned Kishore Biyani and some other promoters of Future Retail Ltd for one year from participating in the security market. Apart from this, Kishore Biyani, Anil Biyani and Future Corporate Resources were fined Rs 1 crore each. He was asked to deposit the wrongly earned 17.78 crore rupees with 12% interest. SAT will next hear the case on 12 April 2021.
The matter is for March-April 2017
The case of insider trading is from March-April 2017. According to SEBI, the Biyani brothers purchased shares of Future Retail through a group company on the basis of unabsorbed sensitive information prior to de-merger of some of Future Retail’s businesses. Future retail shares gained momentum with this move. SEBI found in the investigation that the Biyani brothers had opened and traded shares by opening trading accounts named Future Corporate Resources Private Limited.