Yogesh Garg has been removed from the services of the Corporation consequent to his involvement in the front running
FinTech BizNews Service
Mumbai, March 20, 2024: LIC of India has issued a clarification through a statement on SEBI’s action against the life insurer’s employee, who was engaged in the front running of a client’s trades.
LIC of India has in a statement informed that Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), SEBI vide its Order no. WTM/AN/ISD/ISD-SEC-2/30088/2023-24 dated March 19, 2024 issued a confirmatory order in respect to restrictions imposed by SEBI on the following entities from buying, selling or dealing in securities either directly or indirectly, in any manner whatsoever, shall continue until further orders vide its interim order no. WTM/AN/ISD/ISD-SEC-2/25934/2023-24 dated April 27, 2023:
In this regard, it is informed that Mr. Yogesh Garg was an employee in the cadre of Administrative Officer of the Life Insurance Corporation of India (“LICI” or “the Corporation”). He has been removed from the services of the Corporation following the due administrative procedure by the disciplinary authority consequent to his involvement in the front running.
Further, it is informed that LICI have a robust controlling monitoring mechanism along with best practices to prevent any kind of front running activity. All stringent measures for transactional hygiene of dealing room are put in place, i.e., entry by biometric, CCTV coverage, restriction on electronic gadgets etc.
LICI has further claimed that it has always been in the forefront of being a compliant organization and shall continue to strengthen further on all matters of Corporate Governance.
