SEBI said that it reached the decision on Biyani after probe into use of unpublished price sensitive information to trade in Future Retail.
According to an order issued on February 3, 2021, Biyani, a few related entities and three others cannot buy, sell or deal in securities of Future Retail Ltd (FRL) for two years.
The order was passed by Anant Barua, a whole-time member of SEBI. FRL had made an announcement on April 20, 2017, of a scheme of arrangement involving several group companies which resulted in the demerger of a certain business of the company. SEBI also said the announcement had a positive impact on the price of FRL shares.
SEBI said Biyani and his brother traded in shares of FRL through a group company on the basis of unpublished price sensitive information before a demerger of certain businesses of Future Retail that pushed its share price higher.