SEBI orders action against four Chaturvedi Group entities over 350 front-running trades
This order addresses allegations of 'front running' (trading ahead of a large client's orders using non-public information) involving 350 trades by Societe Generale, a French foreign portfolio investor. SEBI examined whether specific individuals from the Chaturvedi Group and their associates illegally profited from this information.
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).
- 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.
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Document details
| Official title | Order in respect of Front Running of Trades of Big Client by certain entities of Chaturvedi Group |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | — |
| Status | closed (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |