In the matter of Front Running by Kajal Savla:
Front running done by chief dealer of IDBI Capital & Securities Markets Ltd. where the trading account of sister was being used
Front running is an unethical practice in the securities market where a broker or trader exploits their advance knowledge of client orders to execute their own trades first. This essentially allows them to profit at the expense of their clients.
a) Kajal Savla front running LIC, LIC Pension Fund Ltd., Unit Trust of India Mutual Fund, IDBI Trusteeship Services Ltd. , Catalyst Trusteeship Ltd. & General Insurance Corporation of Inida
b) Gaurav Dedhia brother of Kajal Savla had intentionally executed the threatening orders of Big clients of IDBI securities
c) No appropriate record of IP address during trades resulted into mistmach of log & log off IP address.
d) IDBI Securities hasn't provided any proof towards the allegation of such unauthorised deletion
e) Noticee 1 transfers money to Noticee 2 A/c of ₹57L to cover up losses incured by Kajal during securities trading. Here ₹51.3L was transferred to Noticee's 2 stock broker on same day to trade in F&O & cash segment.
f) Noticee 2 reaped profit from ‘NO FR’ 93 F&O trades
g) Noticee 1 wasn't the assigned dealer of LIC Pension fund still the orders were represented against the notice 1
h) Noticee 1 didn't maintained secrecy to the info of big clients
i) The illegal computation includes the duplicate entires identified by NSE in the Trade Order data plus, the alleged profit has been counted twice & represent against the noticee.
j) Evidence shows that Noticee 1 was in touch with his family members over telephone during office hours as a tipper & a trade through office visit
k) By executing the following formula & sum up the values from K=2 to 20 to get 3.04% as the final probability percentage.
l) Misdirected SEBI with unnecessary appeals through Noticee’s annual income
m) Noticee 2 who focused on cash segment generated huge profits consistently in investigation period.
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