6 Entities Settle Front-Running Trade Case With Sebi

New Delhi: Six entities, including Samir Kothari and Jitendra N Kewalramani, has settled with Sebi in a case pertaining to the suspected front-running of trades by paying Rs3.49 crore towards settlement charges.The other entities that settled the matter with the Securities and Exchange Board of India (Sebi) are Kuntal Goel, Jitendra N Kewalramani HUF, Dipika J Kewalramani and Pallavi Shailesh Nayak, Sebi said in the order on Thursday.

Apart from the settlement amount, Sebi’s committee placed other conditions to settle the case. These included disgorgement of un-lawful gain totalling Rs 2.06 crore along with 12 per cent interest per annum from the date of the impugned transaction to the date of filing of the settlement application for disgorgement to be paid by Samir Kothari, Kuntal Goel and Jitendra N Kewalramani.

Also, the six entities will voluntarily debarred themselves from the securities markets for six months. The order came after Sebi received four separate settlement applications from the appli-cants in March 2024, proposing to settle the instant proceedings through a settlement order “without admitting or denying the allegations. It is hereby ordered that the proceedings initiated against the applicants, vide show cause notice dated January 24, 2024, is disposed of,” Sebi’s Chief General Manager Santosh Shukla said in the settlement order.