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He and his brother opened a trading account for Future Corporate Resources, which traded in Future Retail shares before a demerger decision was made public, which pushed its shares higher. SEBI said the trades were based on “unpublished price-sensitive information”. This happened between March 10, 2017, and April 20, 2017, when certain businesses of FRL were recast, causing its share price to rise
Apart from the ban, the Securities and Exchange Board of India (Sebi) also ordered a penalty and disgorgement of illicit gains from Biyani-family controlled entities that include Future Corporate Resources Pvt. Ltd (FCRL), FCRL Employee Welfare Trust (FCRLWT) and several individuals found to be acting in connivance with the Biyanis.