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Deven Sangoi, Meghana Gosar Pay Rs91 Lakh, Agree to 6 Months Debarment To Settle Front-running Case with SEBI
Moneylife Digital Team 08 January 2025
Investor Interest
Deven Sangoi, a seasoned asset management professional, and his sister, Meghana Gosar, have paid Rs91 lakh and agreed to a six-month debarment from markets to settle a case of front-running with market regulator Securities and Exchange Board of India (SEBI). Ms Gosar also agreed to disgorge Rs27.77 lakh, the unlawful gains earned from front-running trades. 
 
The investigation by SEBI focused on alleged front-running activities conducted between August 2021 and April 2022. Mr Sangoi, who held the position of chief investment officer (CIO) at an institutional investor (referred to as the ‘Big Client’), was accused of misusing his position by sharing confidential trade information with his sister. This allowed Ms Gosar to execute trades ahead of the client, generating unlawful profits.
 
According to SEBI, Ms Gosar executed 266 trades in the equity segment and 76 trades in the equity derivatives segment during the investigation period, with gross traded values of Rs63.13 crore and Rs23.74 crore, respectively. Of these, trades amounting to Rs42.36 crore were flagged as front-running activities. The unlawful gains from these activities were calculated at Rs27.77 lakh.
 
Mr Sangoi and Ms Gosar filed for a settlement under SEBI's Settlement Regulations, 2018. The high-powered advisory committee (HPAC) approved their proposal and SEBI settled the matter on the following terms:
 
• Deven Sangoi: Payment of Rs47 lakh and voluntary debarment from securities trading for six months.
 
• Meghana Gosar: Payment of  Rs44 lakh, disgorgement (wrongdoer is required to pay back unlawful gains) of Rs27.77 lakh and six months of voluntary debarment.
 
Both parties agreed to the settlement without admitting or denying the findings of the investigation.
 
Mr Sangoi's involvement in the case is particularly significant, given his career in asset management. He has over 22 years of experience managing investments across the insurance and mutual fund sectors. He used to work as a senior fund manager at Abakkus Asset Manager LLP. 
 
His previous roles include serving as chief investment officer (CIO) at Canara HSBC OBC Life, where he managed a corpus of approximately US$4bn (billion), and positions at prominent firms such as Aditya Birla Sun Life Insurance, Aditya Birla Sun Life Asset Management and ICICI Prudential AMC.
Comments
anil chaurasia
1 week ago
How interesting! Who is the loser in such cases, unitholders & who is gaining, SEBI! Don't understand why settlements are allowed in such cases? What precedents SEBI is setting for others to follow? Front running has become a regular news now.
Reply
patrik1945f
2 weeks ago
In 2020, he became the Chief Investment Officer at Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd., a role he held until 2022.
Currently, Deven is a Senior Fund Manager at Abakkus Asset Manager LLP.
Reply
rajesh.chitalia
2 weeks ago
Why Money Life has not disclosed his latest firm / employer name, while sharing details of his past association ? MoneyLife is naturally expected to be different from other media houses which too have not published his employer name where the fraud was identified.
Reply
MLD
Replied to rajesh.chitalia comment 2 weeks ago
We fail to understand the relevance. Also, since the report had to go out today (as news) the simple fact is that we have NOT yet checked who his new employer it. In any case, is this relevant to the action? We would also like to bring to your attention the fact that Moneylife is a FREE publication with very limited resources -- our difference comes from our independent views - but we certainly do not have large teams working in a big news room to put out information that is not in a SEBI order at great speed.
Reply
patrik1945f
Replied to MLD comment 2 weeks ago
In 2020, he became the Chief Investment Officer at Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd., a role he held until 2022.
Currently, Deven is a Senior Fund Manager at Abakkus Asset Manager LLP.
Reply
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