New Delhi: Sebi on Tuesday barred two individuals from the securities market for three years and imposed a penalty of over Rs77 lakh on them for their involvement in front-running. Front-running refers to an illegal practice in the stock market where an entity trades based on advanced information from a broker or analyst before the information has been made available to its clients. Those restrained by the Sebi are -- Rohit Mankotia, who was employed in Radico NV Distilleries, and his mother Shila Devi.
Further, Mankotia was on deputation to Sapphire Intrex Ltd (Big Client) and his work is related to technical analysis of stocks for Sapphire. Sapphire is the promoter of RKL and held 33.95 per cent equity shares of RKL, as per Sebi order.