Sebi levied fines of Rs 10 lakh each against Woodstock Broking, Marfatia Stock Broking, and their respective leadership figures for terminal security violations. The investigation established that Prijesh Kurani used remote access software to install the firms' ODIN systems and execute trades from Dubai. These unauthorized setups were fed by order tips allegedly leaked by Viresh Joshi, the former chief dealer at Axis Mutual Fund. Marfatia's IT employee, Yunus Modan, directly facilitated the software installation using the AnyDesk remote desktop tool.
Key points
Registered brokers are legally obligated to maintain rigorous controls over terminal infr…: Registered brokers are legally obligated to maintain rigorous controls over terminal infrastructure to prevent unauthorized access.
The underlying front-running scheme relied on impending trade data allegedly leaked by a…: The underlying front-running scheme relied on impending trade data allegedly leaked by a former mutual fund chief dealer.
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The regulator imposed a penalty of ₹10 lakh each on Woodstock Broking, its director Suresh Kanmal Jajoo, Marfatia Stock Broking and its managing director Nishil Surendra Marfatia.
The regulator found that the two brokers had facilitated the installation and operation of their ODIN trading software on computer systems used by Prijesh Kurani, who executed the alleged front running trades from Dubai. The software was installed using AnyDesk, a remote access application.
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"A Sebi-registered stock broker is expected to exercise heightened care and control over its terminal access, user chain and trading infrastructure. Permitting/enabling terminal access to be used by a third party outside the authorised framework...is conduct that squarely falls within PFUTP Regulations," Sebi said in its order.
The investigation, covering April 2021 to March 2022, found that Viresh Joshi, then chief dealer at Axis Mutual Fund, allegedly shared information about the…
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