Future CEO Biyani barred from trading in securities
SEBI today announced that it will be now be temporarily banning Future Group CEO Kishore Biyani from trading in the securities market for a period of 1 year. Apart from that he is now not allowed to do any buying, selling or dealing in securities on behalf of his company Future Retail for 2 years.
This decision has come in relation to a case which has been going where Biyani has been alleged of having engaged in insider trading between March and April 2017. SEBI said it had reached this ruling after a probe into 2017 case revealed that Biyani had made use of unpublished price sensitive information to trade in Future Retail.
Kishore Biyani and some other people involved have been directed to jointly disgorge an amount of Rs 17.78 crore as a penalty.
This news struck a heavy blow to Future Group companies that are listed on the National Stock Exchange and the Bombay Stock Exchange. The Future Retail stock price was trading down by 4.96% today.