SEBI orders action against Prrsaar Sampada for front-running Axis Mutual Fund trades

This is an adjudication order by SEBI regarding Prrsaar Sampada Private Limited, a stock broker, for alleged violations related to the front-running of Axis Mutual Fund trades by its client, Wessel Consultancy Pvt. Ltd., and for failing to report the death of a dealer who continued to have an active trading terminal.

Prrsaar Sampada Private Limited (formerly Prrsaar Commodities Private Limited); Wessel Consultancy Pvt. Ltd.; Mr. Vikas Narang (Dealer); Mr. Karan (Authorised Person); Axis Mutual Fund.

• SEBI investigated suspected front-running of Axis Mutual Fund trades by Wessel Consultancy Pvt. Ltd. during April 2020 to March 2022.
• 70 suspected front-running instances were identified, with a total profit of Rs. 36,40,332.35.
• Mr. Vikas Narang was identified as the top dealer with 22 instances and a profit of Rs. 31,03,768.90.
• SEBI found that Prrsaar Sampada Private Limited allowed the use of a trading terminal assigned to Mr. Vikas Narang even after his death in November 2020.
• SEBI alleged that the broker failed to inform the stock exchange about the dealer's demise.
• SEBI alleged violations of SEBI (Stock Brokers) Regulations, 1992, and SEBI Master Circular dated June 17, 2025.
• The broker claimed inability to trace user activity on specific terminals due to the pandemic and remote work, but SEBI noted 42 instances were executed through terminals reported as 'not working'.

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