SEBI bans Future CEO from securities market in insider trading case

SEBI bans Future CEO from securities market in insider trading case”

The Securities and Exchange Board of India (SEBI) said Biyani and brother Anil, who was also banned from the securities market, traded in shares of Future Retail Ltd (FRL) through another unit using unpublished price sensitive information.

These five entities have also been barred from dealing in the shares of the same company for two years. SEBI also barred Biyani from trading in Future Retail shares for two years. Another senior lawyer, speaking on condition of anonymity, said that the order won't impact the NCLT process.

Future Retail files appeal in Delhi High CourtFuture Retail has filed an appeal in the Delhi High Court against the impugned order dated February 2 passed by a single judge, the company said in a filing.

The Mumbai-listed retailer missed an interest payment on its $500 million bond in January, but has said it plans to make the about $14 million payment within the 30-day grace period allowed to it by the bond terms.

Usually, SEBI's orders can be appealed in the Securities Appellate Tribunal. Besides, they have been asked to disgorge Rs 17.78 crore for the wrongful gains made by them. This deal has been challenged by e-commerce giant Amazon in courts.

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The securities market ban for Biyani, "on the face of it, it won't become more hard for group companies to raise money", said J.N. Gupta, managing director at Stakeholders Empowerment Services, a proxy adviser.

Amazon had dragged Future Group to arbitration at Singapore International Arbitration Centre (SIAC) in October past year, arguing that Future violated the contract by entering into the deal with rival Reliance. On December 21, a single-member bench rejected the plea to restrain Amazon from writing to regulatory authorities about the SIAC arbitral order but gave a go-ahead to the regulators to decide over the deal.

Future Retail moved the court against status quo order on the deal with Reliance and the hearing will take place on Thursday.

The regulator said it found that Future Retail made a public announcement of a scheme of arrangement involving several group companies on April 20, 2017, which resulted in a demerger of a particular business of the company.

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