Antique Stock Broking Pays Rs22.44 Lakh to Settle SEBI Proceedings in Front-running Case
Moneylife Digital Team 19 September 2025
Antique Stock Broking Ltd has settled proceedings initiated by the market regulator Securities and Exchange Board of India (SEBI) by paying a settlement amount of Rs22.44 lakh. The case relates to suspected front-running of trades of a large client by the Chaturvedi Group during the period from 1 January 2022 to 8 December 2023.
 
Following its investigation, SEBI issued a show-cause notice (SCN) to Antique Stock Broking on 20 February 2025. The notice alleged that the broker failed to exercise due skill and care by not enforcing its internal policy restricting the use of mobile phones inside its dealing room. Additionally, the firm did not maintain proper records of order placements by the large client.
 
While the proceedings were pending, Antique Stock Broking applied for settlement on 15 April 2025, through an email proposal. The physical copy of the settlement application was received on 6 May 2025 and registered by SEBI on 9 May 2025 under the SEBI (Settlement Proceedings) Regulations, 2018.
 
The internal committee (IC) of SEBI, after deliberations on 6 June 2025, recommended a settlement amount of Rs22.44 lakh. The applicant later submitted revised settlement terms (RST) on 17 June 2025.
 
Subsequently, the high-powered advisory committee (HPAC), in its meeting held on 3 July 2025, considered and recommended the case for settlement as per the revised terms. The recommendations were later approved by the panel of whole-time members (WTM) on 5 September 2025.
 
SEBI issued a notice of demand on 10 September 2025. Antique Stock Broking complied by making the settlement payment of Rs22.44 lakh on 16 September 2025. The payment was confirmed by SEBI’s concerned department on 17 September 2025.
 
Accordingly, SEBI disposed of the proceedings initiated against the broker, noting that no further enforcement action would be taken on the alleged violations mentioned in the SCN, subject to compliance with the settlement conditions. 
 
However, SEBI reserved the right to reopen the matter if representations made during the settlement were later found to be untrue or if any settlement conditions were breached.
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