SEBI impounds ₹30.56 crore in Axis Mutual Fund front-running case

This is a final order by SEBI regarding the front-running of trades for Axis Mutual Fund, where SEBI found that a Chief Dealer shared non-public information to place profitable trades in other accounts before the fund's orders were executed.

Mr. Viresh Joshi, Mr. Sumit Desai, Mr. Pranav Vora, Mr. Vaibhav Pandya, Mr. Prijesh Kurani, Ms. Dharini Kurani, Ms. Rekha Kurani, Ms. Bharti Navnit Godaya, M K B Bespoke Audio General, Mr. Bindesh Kurani, Mr. Nishil Surendra Marfatia, Olga Trading Pvt. Ltd., Mr. Krunal Khamar, Mr. Kamlesh Arjundas Dhanrajani, Mr. Bhavin Shah, Ms. Rupal Bhavin Shah, Visa Capital Partners, Mr. Suresh K Jajoo, Ms. Vimla S Jajoo, Mr. Ankit Jajoo, and Ms. Sheepra Sumeet Kabra.

• SEBI found that Mr. Viresh Joshi shared non-public information about Axis Mutual Fund orders with Mr. Prijesh Kurani.
• SEBI found that Mr. Prijesh Kurani placed front-running trades in the accounts of 9 other noticees (conduit/mule accounts) from Dubai.
• SEBI calculated the total unlawful gains at INR 30,55,89,668.96.
• SEBI noted that profits were transferred via cash and 'Angadias' (unofficial couriers) to Mr. Sumit Desai and then to Mr. Viresh Joshi.
• The order addresses violations of the SEBI Act and PFUTP Regulations.

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