Securities and Exchange Board of India (SEBI), India’s capital market regulator, passed Friday its final order in the IIFL front-running cases. It found Santosh Singh, the group’s equity dealer guilty of improperly using his knowledge of impending Orders of its group entities.
Front running is when a broker or investment analyst provides advance information to clients before they have given it to them.
Adil Suthar was also found guilty by the SEBI, penalizing account holders who were used to place front-running trades.
Singh and Sutar are also barred for five years. They will be subject to penalties of Rs 10 lakh or Rs 8 lakh, which must both be paid within 45 days.