Markets Securities & Exchange Board
SEBI impounds ₹1.99 crore in front-running case
This order addresses SEBI's investigation into suspected front-running of large client trades by Prijesh Kurani and six others between January 2022 and February 2023.
It details the allegations that the group used family members' accounts to trade ahead of client orders and the procedural steps taken, including show cause notices and hearings.
Who it concerns: Prijesh Kurani, Navnit Gadoya, Bharati Navnit Gadoya, Rekha Arun Kurani, Dharini Kurani, Vilpa Vora, and Pranav Vora.
What SEBI found or ordered
- SEBI alleged that the noticees violated Section 12A of the SEBI Act and PFUTP Regulations by front-running trades of a Big Client (Anustup Trading Private Limited).
- SEBI alleged that Noticees 2-5 lent their trading accounts to Noticee 1, who used them as 'mule accounts' to earn an unlawful gain of Rs. 1.99 crore.
- SEBI alleged that Noticees 6 and 7 acted as information carriers, with Noticee 7 coordinating with the client and passing non-public information to Noticee 1.
- SEBI issued a Show Cause Notice (SCN) on October 06, 2025, seeking directions to prohibit the noticees from dealing in securities and to disgorge unlawful gains.
- The document records that Noticees 1, 6, and 7 participated in hearings and filed replies, while Noticees 2-5 had limited participation or did not file written replies.
Also in the document
- The alleged unlawful gain of Rs. 1.99 crore was attributed to trading through the accounts of Noticees 2-5.
- The investigation period covered 95 alleged front-running instances with a gross traded value of Rs. 94.77 crore.
- The noticees are primarily family members, with Noticees 2-5 being relatives of the main suspect, Noticee 1.
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The original document
Securities & Exchange Board of India (SEBI) — enforcement orders
Regulatory order · 30 Apr 2026
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