Cracking the whip in the HDFC Mutual Fund front-running case, capital markets regulator Sebi has ordered its former equity dealer Nilesh Kapadia, his wife Kalpana Kapadia and five other connected persons to disgorge Rs 3.35 crore worth of illegal gains made by them.
The order follows an investigation by the Securities and Exchange Board of India (Sebi) into the matter of front-running by certain entities between June 2000 and June 2010.
In its probe, Sebi found that Nilesh Kapadia, who had been the equities dealer for HDFC AMC since June 2000 till 2010, had passed on information and instructions to his wife and others before placing the orders for HDFC AMC.
