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Sebi bars Madhav Stock Vision, five others for alleged front-running
MSVPL has been restrained from buying, selling or dealing in securities in its proprietary account.
In the interim order, the regulator has also directed disgorgement of Rs 2.73 crore illegal gains. The five individuals were directors and dealers with Madhav Stock Vision and other brokers.
Sebi's findings show that the trades of the big client placed through four brokers were front-run by MSVPL.
The market regulator's findings show that the individuals 'eavesdropped' on the conversation of dealers on non-public information.
Front-running refers to taking positions in the securities ahead of a deal or transaction by an institutional player based on non-public information and thus garnering profits.
The regulator had conducted the inspection for the period from April 2020 to December 2023.
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