Future Group stocks plunge as SEBI bans CEO from securities market, imposes fine

SEBI found the Biyanis opened a trading account for a business named Future Corporate Resources Private Limited (FCRPL), which traded in FRL’s shares before the decision to demerge certain businesses was made public.

In a statement, Future said it will challenge the order. “The SEBI Order is untenable since it treats a well-anticipated and publicly well-known impending reorganisation of the home furnishing businesses that the Future Group effected in 2017 to be unpublished information," it said, adding that the order will not affect its deal with Reliance Industries Ltd.

SEBI also barred Biyani, a few related entities and three others from trading in Future Retail shares for two years and imposed a penalty of Rs 3.7 crore on Biyani, four others, and related entities.

At 09:21 hrs Future Lifestyle Fashions was quoting at Rs 83.95, down Rs 4.40, or 4.98 percent and Future Retail was quoting at Rs 73.75, down Rs 3.85, or 4.96 percent.

Future Supply Chain Solutions was quoting at Rs 96.10, down Rs 5.05, or 4.99 percent, Future Consumer was quoting at Rs 7.85, down Rs 0.30, or 3.68 percent and Future Enterprises was quoting at Rs 11.05, down Rs 0.55, or 4.74 percent on the BSE.