SEBI orders probe into Prrsaar Sampada over front-running and unreported dealer death

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 while continuing to use their trading terminal.

Who it concerns: Prrsaar Sampada Private Limited (formerly Prrsaar Commodities Private Limited); Wessel Consultancy Pvt. Ltd.; Mr. Vikas Narang (Dealer); Axis Mutual Fund.

What SEBI found or ordered

• SEBI alleged Prrsaar Sampada Private Limited violated SEBI (Stock Brokers) Regulations and a 2025 SEBI Master Circular.
• Investigation covered the period from April 1, 2020, to March 31, 2022.
• SEBI identified 70 suspected instances of front-running by client Wessel Consultancy Pvt. Ltd.
• Total profit from these 70 instances was calculated at 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 continued to allow the use of Mr. Vikas Narang's terminal ID after his death in November 2020 without informing the stock exchange.
• SEBI noted that 42 of the 70 instances were executed through terminals that Prrsaar Sampada claimed were 'not working' or refurbished without invoices.
• Prrsaar Sampada attributed compliance lapses to the impact of the Covid-19 pandemic and remote work arrangements.

Also in the document

• The order notes a contradiction in Prrsaar Sampada's statements regarding communication with the deceased dealer's family versus their claim that all communication was routed through an Authorized Person.
• SEBI inspected the broker's premises and found 10 of 15 computers with specific MAC IDs physically present, while the broker claimed the other 5 were not working.
• The investigation period spans two years (2020-2022), and the adjudication proceedings were initiated in 2026.