Monday, November 29, 1999

SEBI bans HDFC MF dealer

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The Securities and Exchange Board of India has banned a dealer at HDFC Mutual Fund for front-running, the market regulator said in a statement on its website late on Thursday.Nilesh Kapadia... is prohibited from buying, selling or dealing in securities, directly or indirectly, or being associated with any intermediary or any entity registered with the Securities and Exchange Board of India, till further orders, the regulator said.The practice of buying or selling securities on own account by taking advantage of prior knowledge of orders from clients is called front-running.HDFC Mutual Fund Managing Director Milind Barve could not be reached for comment.

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