Front running case: Individual settles case with Sebi; pays over Rs 44 lakh

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An individual on Tuesday settled with capital markets regulator Sebi a case pertaining to the alleged front running of trades of its clients Aequitas after payment of over Rs 44 lakh towards settlement charges.Aequitas is a Mumbai-based boutique investment firm. The order came after the applicant (Pawan N Agarwal) filed a settlement application under the settlement regulations.

“The instant proceedings initiated against the applicant vide show cause notice (SCN) dated April 22, 2022, is disposed of,” Sebi said in a settlement order.Sebi received a complaint from Finsec Law Advisors alleging that Pawan N Agarwal and two others have violated the provisions of Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) by engaging in front running/ mirror trading of trades of its clients Aequitas.

Thereafter, an investigation was carried out by the regulator and it was observed that Agarwal had violated the provisions of PFUTP rules.Upon conclusion of the investigation, the regulator initiated adjudication proceedings and issued a SCN dated April 22, 2022, to Agarwal for the alleged contraventions of the norms.

In June 2022, Agarwal informed the markets watchdog that he had filed a settlement application to settle the case. Sebi then recommended the settlement of instant proceedings upon payment of Rs 44.20 lakh towards the settlement fee.After this, Agarwal remitted the amount and settled the case with the regulator.


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