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Kishore Biyani, the founder of the Future Group, has deposited the interim fine in the insider trading case as ordered by Securities Appellate Tribunal (SAT). The money has been deposited with SEBI. The ₹11-crore interim fine was levied by SAT on Biyani and a few others.
During the hearing held on February 15, a three-member Bench at SAT led by Justice Tarun Agarwala had also stayed an order passed by market regulator that had barred the brothers Kishore and Anil Biyani and Future Corporate Resources Pvt Ltd along with other individuals from accessing the securities market for one year.
In its order, SEBI said that it had found that a few entities of the Group traded in the shares of Future Retail on the basis of unpublished price sensitive information, thus, violating SEBI norms between March 10 and April 20, 2017.
SEBI, in its order, had also asked Future Corporate Resources,and the Biyani brothers to jointly and severally disgorge over ₹17.78 crore along with an interest of 12 per cent per annum from April 20, 2020 till the date of actual payment.
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