SEBI cracks down on shady practices in HDFC MF | india | Hindustan Times
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SEBI cracks down on shady practices in HDFC MF

The Securities and Exchange Board of India has banned a dealer at HDFC Mutual Fund for front-running, the market regulator said in a statement on its website.

india Updated: Jun 18, 2010 21:38 IST

The Securities and Exchange Board of India has banned a dealer at HDFC Mutual Fund for front-running, the market regulator said in a statement on its website.

“Nilesh Kapadia... is prohibited from buying, selling or dealing in securities, directly or indirectly, or being associated with any intermediary or any entity registered with the Securities and Exchange Board of India, till further orders,” the regulator said.

Rajiv Ramniklal Sanghvi, Rajiv Ramniklal Sanghvi (HUF), Chandrakant P. Mehta and Dipti Paras Mehta have also been banned from trading.

The practice of buying or selling securities on own account by taking advantage of prior knowledge of orders from clients is called front-running.

HDFC MF Managing Director Milind Barve could not be reached for comment.