New Delhi: The Securities and Exchange Board of India (SEBI), market regulator,  barred Kishore Biyani and some other promoters of Future Retail from the securities market for one year for indulging in insider trading in the shares of the company. Apart from Kishore Biyani, former CMD and promoter of Future Retail Ltd (FRL), others facing ban are Future Corporate Resources Pvt Ltd, Anil Biyani and FCRL Employee Welfare Trust.

In addition, the Sebi has imposed a fine of Rs 1 crore each on Kishore Biyani, Anil Biyani and Future Corporate Resources. Further, they have been asked to disgorge Rs 17.78 crore for the wrongful gains made by them. Further, Future Corporate Resources and FCRL Employee Welfare Trust have been directed to disgorge Rs 2.75 crore for the wrongful gains made by it.

Anil Biyani and Future Corporate Resources are promoters of FRL. In addition, both Biyanis were directors on the board of Future Corporate Resources. FCRL Employee Welfare Trust is atrust formed by Future Corporate Resources. Sebi had conducted an investigation in the scrip of FRL to ascertain whether certain persons and entities had traded during the March 10, 2017 to April 20, 2017 period on the basis of Unpublished Price Sensitive Information (UPSI) pertaining to segregation of certain business of the firm. Trading on the basis of UPSI violates provisions of PIT (Prohibition of Insider Trading) norms.

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