Description
SEBI compliance order for recovery certificate against Sumit Kanungo in front running case involving Fidelity Group funds.
Summary
SEBI has issued a compliance order for Recovery Certificate No. 8632 of 2025 against Sumit Kanungo in connection with front running activities involving various funds of Fidelity Group. This is part of SEBI’s enforcement proceedings for recovery of dues.
Key Points
- Recovery Certificate No. 8632 of 2025 issued against Sumit Kanungo
- Case relates to front running involving Fidelity Group funds
- Part of SEBI’s ongoing enforcement and recovery proceedings
- Compliance order for remittance of dues
Regulatory Changes
No new regulatory changes introduced. This is an enforcement action under existing regulations.
Compliance Requirements
- Sumit Kanungo must comply with the remittance order
- Payment of dues as specified in Recovery Certificate No. 8632 of 2025
- Compliance with SEBI enforcement directives
Important Dates
- Order Date: August 20, 2025
- Recovery Certificate No.: 8632 of 2025
Impact Assessment
This enforcement action demonstrates SEBI’s continued vigilance against front running practices. While the direct market impact is limited to the specific case, it reinforces regulatory deterrence for similar violations in the mutual fund industry.
Impact Justification
High importance due to enforcement action against front running, medium impact as it affects specific individual rather than market-wide changes