Future Group stocks dip as SAT stays on Sebi order for banning Biyani brothers and others from markets

Sebi has fined Rs1cr on Future Corporate Resources and the two Biyani brothers.

Feb 17, 2021 03:02 IST India Infoline News Service

Future Group's listed stock on Wednesday was trading in the red after the Securities Appellate Tribunal (SAT) stayed on market regulator Sebi's order on banning promoters Kishore Biyani, Anil Biyani and Future Corporate Resources from capital markets.

At around 3.08 pm, Future Retail (FRL) was trading at Rs75.45 per piece down 1.44% on Sensex. Moreover, Future Supply Chain, Future Consumer and Future Lifestyle Fashions tumbled by around 2% each. While nearly 1% drop each was witnessed in Future Enterprise and Future Market Networks.

FRL in its regulatory filing said, "The Hon’ble SAT has stayed the effect and operation of the SEBI Order against the Promoters/Promoter entities subject to the conditionalities set out in terms of its order."

Earlier this month, SEBI imposed penalties on the Group's CEO Kishore Biyani, brother Anil Biyani and some other parties.

The Group's members who are penalised are - Future Corporate Resources, Kishore Biyani, Anil Biyani, FCRL Employee Welfare Trust, Rajesh Pathak, Rajkumar Pande, Virendra Saman and Arpit Maheshwari. The members were fined in a case related to alleged insider trading between March and April 2017.

After investigation, Sebi has barred CEO Kishore Biyani and his brother Anil from assessing securities market for 1 year. In Future Retail, Biyani has been banned from buying, selling or dealing in securities for about 2 years.

Additionally, Sebi has fined Rs1cr on Future Corporate Resources and the two Biyani brothers.

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