SEBI v. Manish Chaturvedi and others (front running of Societe Generale orders, settlement, 2025)

Settled

✓ 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-97109-front-running-2025) by email

In October 2025 SEBI settled with three relatives and a company that were suspected of trading ahead of Societe Generale orders placed through a broker. Each of the four agreed to pay Rs 44 lakh and to stay out of the market for six months, neither admitting nor denying the findings.

The record

What was ordered

Civil penalty

—

Disgorgement

—

Prejudgment interest

—

Total relief

—

Alleged gain

—

Penalty as published

17.6m 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

Two Whole Time Members signed this settlement order on 6 October 2025. The applicants are Manish, Ashish and Rajni Chaturvedi, and Indus Strategy Financial Advisors Private Limited, whose directors include the first two.

SEBI investigated trades from January 2022 to December 2023 and identified 350 instances of front running of orders of Societe Generale, placed through Antique Stock Broking. In 348 of them the sales trader was Atul Gopeshwar Chaturvedi, a relative of the applicants, who allegedly passed on details of the pending orders. The order says Rajni Chaturvedi's account had 14 instances with gains of Rs 2,85,751, and the company had 26 instances with gains of Rs 11,95,936.

The four applicants sought settlement under the 2018 settlement regulations, without admitting or denying SEBI's findings. After a meeting with SEBI's internal committee in March 2025, an advisory committee recommended the terms on 5 June 2025 and the Whole Time Members approved them on 18 August 2025. The applicants reported payment on 11 September 2025 and SEBI confirmed it.

The terms are Rs 44,00,000 from each of the four applicants, so Rs 1,76,00,000 in all, plus disgorgement of Rs 3,85,428 by Rajni Chaturvedi and Rs 15,65,136 by Manish Chaturvedi on a joint and several basis, and a six-month voluntary ban from dealing in securities for each applicant. SEBI will not start enforcement action for the settled violations, subject to its right to act if representations prove false or terms are breached.

The sales trader himself settled separately in a later order. This record does not show any finding of fact, any criminal case, or any investor loss figure.

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. 2025-10-06 SEBI settlement 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

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.