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NRIPage | Articles | Axis Securities Settles Front-Running Case with SEBI for ₹14.62 Lakh | Get General Articles. Stay Informed on a World of Topics - NRI Page
Axis Securities Ltd has entered into a settlement with the Securities and Exchange Board of India (SEBI) agreeing to pay a sum of Rs. 14.62 lakh to resolve charges of front-running activities. SEBI's investigation uncovered that Vikrant Bhimrao Kadam, a dealer at Axis Securities, colluded with his associate Mandar Ulhas Bhatkar to execute trades ahead of orders from SVI Consolidated Pvt Ltd, their major client. These trades were made in both the equity and derivatives segments of the National Stock Exchange, violating SEBI’s regulations.
SEBI also found that Axis Securities failed to properly enforce its internal Dealer and Branch Manager Compliance Policy, allowing these unauthorized activities to occur. Despite these findings, Axis Securities chose to settle the case under SEBI’s Settlement Regulations without admitting or denying the allegations. The settlement was approved by SEBI's High Powered Advisory Committee and Panel of Whole-Time Members, which was finalized on November 28, 2024.
The terms of the settlement ensure that SEBI will not take further enforcement action against Axis Securities unless the company breaches any conditions or provides false information during the settlement process. The settlement order came into effect on December 4, 2024, and resolves the case with no additional penalties unless future violations occur.
