SEBI finds ₹6.08 crore net profit from front-running trades by three individuals

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 the equity segment of NSE.
• 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 noted that Noticee 1 (Navnit Gadoya) failed to respond to multiple summons and emails, while Noticees 2 and 3 submitted incorrect or vague information initially.

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