Description
Recovery certificate issued against Sumit Kanungo and Riya Jain (Kanungo) in the matter of front running involving various funds of Fidelity Group.
Summary
SEBI has issued Recovery Certificate No. RC8995 of 2026 as a Notice of Demand against Sumit Kanungo and Riya Jain (Kanungo) in connection with front running activities involving various funds of Fidelity Group. This certificate represents enforcement action for violations of securities regulations.
Key Points
- Recovery Certificate Number: RC8995 of 2026
- Parties involved: Sumit Kanungo and Riya Jain (Kanungo)
- Violation: Front running involving Fidelity Group funds
- Action: Notice of Demand for recovery of amounts
Regulatory Changes
No new regulatory changes introduced. This is an enforcement action under existing SEBI regulations against front running activities.
Compliance Requirements
- Sumit Kanungo and Riya Jain (Kanungo) are required to comply with the recovery demand as specified in the certificate
- Payment of the demanded amounts as per the recovery certificate provisions
- Compliance with any additional directives issued by SEBI in this matter
Important Dates
- Certificate Issue Date: January 2026
- Date mentioned in document: 2026-01-02
Impact Assessment
This enforcement action targets specific individuals involved in front running activities related to Fidelity Group funds. The impact is primarily on the named individuals who must comply with the recovery demand. The action reinforces SEBI’s continued vigilance against market manipulation and front running practices, serving as a deterrent to similar violations.
Impact Justification
Recovery certificate for front running violations involving Fidelity Group funds. High severity due to market misconduct but medium impact as it affects specific individuals rather than broader market operations.