SEBI bars Kishore Biyani from securities market for 1 year

The Securities and Exchange Board of India (Sebi) on Wednesday barred Future Group CEO Kishore Biyani from accessing securities market for a period of one year.Biyani won't be allowed to buy, sell or deal in securities of Future Retail NSE -4.96 % for two years. Sebi said that it reached the decision on Biyani after probe into use of unpublished price sensitive information to trade in Future Retail. The market regulator said that Biyani and some other parties were involved to disgorge Rs 177.8 million. 

Also, the regulator has barred FCRL Employee Welfare Trust, Anil Biyani, Rajesh Pathak, Rajkumar Pande, Virendra Samani and Arpit Maheshwari from securities market for one year. "Noticee 1 (i.e. Future Corporate Resources Private Limited), 2, 3, 5 and 6 (Kishore Biyani, Anil Biyani, FCRL Employee Welfare Trust (FCRLWT), Rajesh Pathak, and Rajkumar Pande) are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of one (1) year, from the date of this order," the SEBI said in the order. Future Group is yet to issue official statement on the latest development.