Sebi’s front-running rule has had no effect on AMC, wealth business: IIFL

• Following Sebi’s charges against six individuals for front-running India Infoline Group (IIFL Group) trades.
• The IIFL AMC has emphasised that these individuals have no connection to the mutual fund sector. “
• Santosh Singh and his accomplice have been penalised in this order, the AMC said.

Following Sebi charges against six individuals for front-running India Infoline Group (IIFL Group) trades, the IIFL AMC has emphasised that these individuals have no connection to the mutual fund sector. “IIFL Asset Management Limited hereby clarifies that certain media reports on the Securities Exchange Board of India (SEBI)’s order dated June 3, 2022, captioned ‘Front Running by Employee of India Infoline Group’ are grossly misleading,”  stated the AMC in a statement.

Santosh Brijraj Singh and Adil Gulam Suthar were excluded from the market for five years by Sebi on Saturday, while Virendra Pratap Singh, Neha Virendra Singh, Gulammohammed Gulamabbas Shaikh, and Mohammedidrish A Shaikh were blocked for two years. Sebi observed that these individuals were in charge of the trades of six IIFL Group firms, including IIFL Asset Management.

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Santosh Singh and his accomplice have been penalised in this order, the AMC said. None of IIFL Wealth Management Limited, IIFL AMC or any of the subsidiaries of IIFL Wealth have been penalised through this order. There is no impact of the SEBI order, interim as well as confirmatory orders, on the functioning and operations of IIFL Wealth, IIFL AMC or any of the subsidiaries of IIFL Wealth or any of its clients,” the AMC said.

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Singh’s employment at IIFL AMC was terminated in 2021.

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