SEBI v. Atul Gopeshwar Chaturvedi (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.

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In November 2025 SEBI settled with the broker's sales trader suspected of leaking Societe Generale order details to relatives and friends who traded ahead of them. He agreed to pay Rs 96 lakh plus disgorgement and a six-month voluntary market ban, neither admitting nor denying.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

—

Total relief

—

Alleged gain

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Penalty as published

9.6m 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 18 November 2025. The applicant is Atul Gopeshwar Chaturvedi, who worked as a sales trader at Antique Stock Broking, through which Societe Generale placed orders.

SEBI investigated the period January 2022 to December 2023 and found 350 instances of front running of Societe Generale's orders, 348 of which involved this sales trader. SEBI alleged that he passed non-public details of the pending orders to family members and friends, who earned wrongful gains of Rs 1,23,28,165, and that he also traded ahead of the client using his brother-in-law's account.

The applicant asked to settle under the 2018 settlement regulations, neither admitting nor denying the findings. The advisory committee recommended the terms on 3 July 2025, the panel of Whole Time Members approved them on 5 September 2025, and he reported payment on 10 October 2025, which SEBI confirmed.

The terms are a payment of Rs 96,00,000, disgorgement of Rs 1,48,15,631 and a voluntary ban from buying, selling or dealing in securities for six months from the order date. SEBI will not start enforcement action for the settled violations, subject to the usual right to reopen if representations were untrue or terms breached.

Related relatives and a company settled in a separate order from October 2025. This record does not show a finding of fact, an appeal, a criminal case, or the loss borne by the client.

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. 2025-11-18 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.