The enforcement action concludes an inquiry into transactions conducted between April 2021 and March 2022 after surveillance systems flagged suspicious activity. Regulators found that the brokerages deployed ODIN trading terminals on a Dubai computer operated by an unregistered individual named Prijesh Kurani. Digital forensic evidence, including AnyDesk remote logs and WhatsApp communications, demonstrated that brokerage staff actively enabled this illegal market access. All four penalized parties have been given a 45-day window to settle their respective fines.
Key points
Providing infrastructure and trading terminals to unauthorized persons violates Prohibiti…: Providing infrastructure and trading terminals to unauthorized persons violates Prohibition of Fraudulent and Unfair Trade Practices regulations.
Sebi substantiated the front-running connections using digital trails, including IP addre…: Sebi substantiated the front-running connections using digital trails, including IP addresses, shared MAC IDs, and AnyDesk logs.
The four penalized entities are required to deposit their financial penalties within 45 d…: The four penalized entities are required to deposit their financial penalties within 45 days of the order.
Sources checked by our analysis pipeline: 1
In an order passed on Tuesday, the Securities and Exchange Board of India (Sebi) imposed a penalty of Rs 10 lakh each on Woodstock Broking and its director Suresh Kanmal Jajoo and Marfatia Stock Broking and its director Nishil Surendra Marfatia.
The order relates to a Sebi investigation with respect to trades executed by certain entities, which appeared to be in the nature of front-running of the trades of Axis Mutual Fund (Big Client), pursuant to certain alerts generated by the surveillance system.
The investigation period was from April 1, 2021 to March 31, 2022.
Sebi found that the two brokers facilitated the installation and operation of their ODIN trading terminals on a computer system used by Prijesh Kurani in Dubai, who was neither an authorised person nor a registered dealer of the brokers.
In the case of Woodstock Broking, Sebi relied on WhatsApp communications, technical evidence involving IP addresses and MAC IDs, and the role of its IT personnel in facilitating remote access through AnyDesk.
It also noted that Visa Capital Partners, whose trading account was used in the…
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