Description
SEBI cancels Recovery Certificate No. 8627 of 2025 issued against Sumit Kanungo, Riya Jain (Kanungo), Alka Dhadda, Arushi Dhadda and Vaibhav Dhadda in the matter of front running of Fidelity Group funds.
Summary
SEBI has issued a cancellation order for Recovery Certificate No. 8627 of 2025 that was issued against five individuals - Sumit Kanungo, Riya Jain (Kanungo), Alka Dhadda, Arushi Dhadda and Vaibhav Dhadda - in connection with front running activities involving various funds of Fidelity Group.
Key Points
- Recovery Certificate No. 8627 of 2025 has been cancelled
- Order relates to front running case involving Fidelity Group funds
- Five individuals were named in the original recovery certificate: Sumit Kanungo, Riya Jain (Kanungo), Alka Dhadda, Arushi Dhadda and Vaibhav Dhadda
- This is a cancellation/compliance order modifying previous enforcement action
Regulatory Changes
No new regulatory changes introduced. This is a cancellation of a previously issued recovery certificate.
Compliance Requirements
The cancellation order removes the recovery obligations that were previously imposed under Recovery Certificate No. 8627 of 2025 on the named individuals.
Important Dates
- Order Date: January 2, 2026
- Original Recovery Certificate: RC 8627 of 2025
Impact Assessment
This cancellation order has limited broader market impact as it pertains to specific enforcement proceedings against named individuals. The cancellation suggests resolution or modification of the recovery proceedings in the underlying front running case involving Fidelity Group funds. Impact is confined to the parties involved in the enforcement action.
Impact Justification
Cancellation order for recovery certificate in front running case involving multiple individuals; procedural compliance matter with limited broader market impact