SEBI Bans PNB MetLife Dealer and Eight Others Over ₹21.16 Crore Front-Running Scheme
| Key Points | Details |
|---|---|
| Why in News | SEBI banned nine entities, including Sachin Bakul Dagli, for a front-running scheme generating ₹21.16 crore in illegal gains over three years (Jan 2021-July 2024). |
| Entities Involved | Sachin Bakul Dagli (Equity Dealer, PNB MetLife), Tejas Dagli (Equity Sales Trader, Investec), Sandeep Shambharkar, DRPL, WDPL, Pragnesh Sanghvi. |
| Violation | Breach of SEBI's PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations and SEBI Act. |
| Period of Investigation | January 1, 2021, to July 19, 2024. |
| Gains Impounded | ₹21.16 crore jointly and severally from the entities involved. |
| Action Taken by SEBI | - Restrained entities from trading in securities until further orders.- Impounded the unlawful gains made by the entities. |
| Trade Execution Pattern | Used Buy-Buy-Sell or Sell-Sell-Buy patterns to exploit large client trades. |
| Company Involved | PNB MetLife India Insurance Company. |
| PNB MetLife's Statement | Confirmed disciplinary action against Sachin Bakul Dagli and reiterated its commitment to corporate governance. |
| Static Information | PNB MetLife: A joint venture between PNB and MetLife International Holdings; focuses on life insurance in India. |