Key Points
The capital markets regulator Securities and Exchange Board of India (Sebi) has imposed a penalty on Nirmala Devi (name changed) and her son Vijay (name changed) for front-running activities..
A Himachal Pradesh resident, Nirmala Devi opened an account with ICICI Bank in February 2020 while her son Vijay was her nominee..
As an analyst who provides technical views along with news flows on international markets, and public and corporate announcements, Vijay used to report to one Sunil Gupta, vice president of finance..
Although the trades were carried out from Nirmala Devi's account and her mobile number was linked to it, this mobile used to be in the possession of her son during market hours..
. Consequently, Sebi has imposed penalties on her son for front-running the trades of Sapphire and on her mother Nirmala Devi for allowing her trading account to be used for front-running..
