SEBI orders action against four Chaturvedi Group entities over 350 front-running trades

SEBI examined whether specific individuals from the Chaturvedi Group and their associates illegally profited from this information.

Who it concerns: Vishvanath Goswami, Umang Chaturvedi, Shyam Chaturvedi, Vinod Kumar Chaturvedi (the Noticees); Atul Chaturvedi (Information Carrier); Societe Generale (Big Client); Antique Stock Broking Limited and Motilal Oswal Financial Services Limited (Brokers); Manish Chaturvedi, Ashish Chaturvedi, Rajni Chaturvedi, and Indus Strategy Financial Advisors Private Limited (Other Front Runners).

What SEBI found or ordered

• SEBI investigated 350 instances of alleged front running between January 1, 2022, and December 8, 2023.
• SEBI found that Atul Chaturvedi, a sales trader at Antique, was privy to non-public information in 348 of the 350 instances and transmitted it to the Noticees and other front runners.
• SEBI noted that the proceedings against Atul Chaturvedi, the 'Other Front Runners,' and the brokers (Antique and MOFSL) were settled via separate Settlement Orders issued between September and November 2025.
• SEBI stated that the Show Cause Notice (SCN) against the four Noticees was issued on May 2, 2025.
• SEBI cited Section 11 and Section 12A of the SEBI Act and the PFUTP Regulations as the legal basis for prohibiting such fraudulent trade practices.

Also in the document

• The 'Big Client' involved is Societe Generale, a French public limited company registered as a Foreign Portfolio Investor (FPI) with SEBI.
• SEBI noted that while the other parties settled the matter, the current order specifically adjudicates the liability of the four Noticees listed in the title.
• SEBI referenced the Supreme Court case SEBI v. Kanaiyalal Baldevbhai Patel (2017) to define front running as a heinous fraud and illegal market abuse.