Market regulator Securities and Exchange Board of India (SEBI) has settled the high-profile front-running case involving trades of the Marcellus group, with 14 individuals and entities agreeing to pay a combined settlement amount of Rs6.88 crore along with disgorgement of Rs3.88 crore, while also imposing a voluntary six-month debarment from the securities market on themselves. The settlement order issued last week brings closure to one of the most closely watched enforcement actions in recent years. The case centred on allegations that Kushal Rajesh Sheth, a dealer at Marcellus Investment Managers, passed confidential, non-public information about impending trades of Marcellus clients to his uncle, Ashwin Somchand Sheth, who along with family members, Hindu undivided families (HUFs)

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