SEBI finds three traders violated act by not cooperating in front-running probe

This order addresses the failure of three individuals to provide information or produce documents requested by SEBI during an investigation into alleged front-running of trades in Rajesh Exports Ltd. SEBI found that the individuals violated Section 11C(3) of the SEBI Act by not cooperating with the investigation.

Navnit Gadoya, Chiranggi Irish Shah, and Surbhi Aggarwal

• SEBI found that the noticees violated Section 11C(3) of the SEBI Act by failing to furnish information or produce documents requested by the Investigating Authority.
• The investigation covered the period from January 1, 2023, to October 31, 2023, involving 38 alleged front-running instances in Rajesh Exports Ltd.
• SEBI noted that the noticees earned a net profit of Rs. 4,06,17,184 from day trading in Rajesh Exports Ltd during the investigation period.
• The matter was proceeded ex-parte as none of the noticees appeared for the hearing on May 5, 2026, or submitted a response to the Show Cause Notice.
• SEBI imposed a monetary penalty under Section 15A(a) of the SEBI Act, though the specific amount is not detailed in the provided text excerpt.

Written from the document by AI, and checked against it. The original below is authoritative.

The original document