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SEBI bans Kishore Biyani including many others from security market for one year


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Mumbai : SEBI on Wednesday banned Kishore Biyani and some promoters of Future Retail Ltd from the market for a year for their involvement in insider trading in the company’s shares.

Apart from Kishore Biyani, who was the promoter of CMD and Future Retail Limited (FRL), Anil Biyani of Future Corporate Resources Private Limited and FCRL Employee Welfare Trust etc. are facing ban.

Apart from this, the regulator has also imposed a fine of Rs 1 crore each on Kishore Biyani, Anil Biyani and Future Corporate Resources. He has also been asked to return Rs 17.78 crore for his wrongly acted benefits.

In addition, Future Corporate Resource and FCRL Employee Welfare Trust have been directed to pay Rs 2.75 crore for wrongly earned profits.

Anil Biyani and Future Corporate Resource are promoters of FCRL. In addition, both Kirosh and Anil Biyani were also directors on the board of Future Corporate Resources. FCRL Employee Welfare Trust is formed by Future Corporate Resources.

Earlier also, SEBI conducted an inquiry to ascertain whether some individuals and entities had done business on the basis of UPSI during March 10, 2017 to April 20, 2017? Trading on the basis of UPSI is considered a violation of the provisions of the PIT (Prohibition of Insider Trading) norms.

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