SEBI v. Sachin Bhogte and others (front running of Girik Wealth Advisors trades, 2024)

Judgment entered

✓ Checked against the primary document on October 8, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

Report an error in this record (sebi-85596-front-running-2024) by email

In August 2024 SEBI found that a dealer for Girik Wealth Advisors and the Girik Multicap Growth Equity Fund had front run their orders through an account in his late father's name. The order directed disgorgement of Rs 1,08,29,597.27, restrained him from the market for 6 months and imposed a Rs 10,00,000 penalty.

The record

What was ordered

Civil penalty

—

Disgorgement

—

Prejudgment interest

—

Total relief

—

Alleged gain

—

Penalty as published

1m INR

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in INR. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

SEBI's quasi-judicial authority G. Ramar issued the final order on 9 August 2024. The noticees were Sachin Bhogte and two other family members, Samir Bhogte and Suchita Bhogte. The matter concerned trading from January 2018 to December 2021 in an account of the late Ashok Yashwant Bhogte, which SEBI described as operated by Sachin Bhogte, the son.

The order records that Sachin Bhogte worked as the dealer of Girik Wealth Advisors Private Limited and the Girik Multicap Growth Equity Fund, placing their orders with empanelled stockbrokers. SEBI alleged that he used knowledge of those impending orders to trade ahead of them in the account, in breach of section 12A of the SEBI Act and the fraud and unfair trade practice regulations.

The order finds the front running established and puts the unlawful gains at Rs 1,08,29,597.27, of which Rs 1,50,315.55 arose on BSE and Rs 1,06,79,281.72 on NSE, between February 2019 and December 2021. It notes that the conduct continued over about three years.

The directions required the noticees to disgorge that sum jointly and severally to the Investor Protection and Education Fund within 45 days, froze their bank accounts for compliance, restrained Sachin Bhogte from the securities market for 6 months with his holdings frozen, and imposed a penalty of Rs 10,00,000 on him under section 15HA. No separate restraint or penalty was imposed on the other two named noticees.

The record does not show the exact basis on which Samir and Suchita Bhogte were joined, whether the order was appealed, or whether the sums were paid. No criminal case is mentioned.

This library tags the matter as front running. The tagging is ours, not the regulator's.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the order.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Front running — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2024-08-09 SEBI order

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEBI order
• Order (PDF)

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added October 8, 2026. submit a correction.