Description

SEBI has issued an order restraining 7 individuals from accessing the securities market for front running violations, with Prijesh Kurani and Pranav Vora facing 3-year bans and others facing 1-year bans.

Summary

SEBI issued order no. QJA/SS/IVD-1|RO_LO_CELL/ID5|RO_LO_CELL/32399/2026-27 dated April 30, 2026, restraining 7 individuals from accessing the securities market due to front running violations. The order is effective immediately from the date of issue. Trading members are required to ensure compliance with this order.

Key Points

  • 7 individuals are restrained from accessing the securities market, buying, selling, or dealing in securities directly or indirectly
  • Prijesh Kurani and Pranav Vora face the most severe penalty: 3-year market ban
  • Five other individuals (Navnit Gadoya, Bharati Navnit Gadoya, Rekha Arun Kurani, Dharini Kurani, Vilpa Vora) each face a 1-year market ban
  • The restraint covers any direct or indirect association with the securities market
  • Open derivative positions may be closed/squared off within 3 months or at contract expiry, whichever is earlier
  • Pre-order transactions are permitted to complete their pay-in and pay-out settlement obligations

Regulatory Changes

No new regulatory framework changes; this is an enforcement order under SEBI’s investigative and adjudication powers against specific individuals found to have engaged in front running activities.

Compliance Requirements

  • All trading members must immediately take note of the restrained individuals and ensure none of the 7 named persons are permitted to trade or access securities markets
  • Members must block accounts associated with: Prijesh Kurani, Navnit Gadoya, Bharati Navnit Gadoya, Rekha Arun Kurani, Dharini Kurani, Vilpa Vora, and Pranav Vora
  • Trading members must monitor for indirect trading attempts by these individuals
  • Settlement of pre-order transactions (pay-in/pay-out) is permitted to proceed normally

Important Dates

  • Order Date: April 30, 2026 (effective immediately)
  • Restraint Period for Prijesh Kurani: 3 years from April 30, 2026 (until April 30, 2029)
  • Restraint Period for Pranav Vora: 3 years from April 30, 2026 (until April 30, 2029)
  • Restraint Period for remaining 5 noticees: 1 year from April 30, 2026 (until April 30, 2027)
  • Deadline to close open derivative positions: Within 3 months from April 30, 2026 (by July 30, 2026) or at contract expiry, whichever is earlier

Impact Assessment

This enforcement action directly affects 7 named individuals who are prohibited from participating in securities markets. Trading members face an immediate compliance obligation to identify and restrict these accounts. The front running investigation highlights SEBI’s continued focus on market integrity and insider-advantage trading practices. The severity of the 3-year ban on Prijesh Kurani and Pranav Vora signals the principal role they played in the scheme. Broader market impact is limited to enforcement compliance for brokers; no systemic or structural market changes are introduced by this order.

Impact Justification

SEBI enforcement order imposing multi-year securities market bans on 7 individuals for front running; trading members must immediately ensure these individuals are blocked from market access.