The Securities and Exchange Board of India (SEBI) has imposed a penalty of ₹20 lakh each on Kishore Biyani and Rakesh Biyani for violations related to disclosure norms and related-party transactions involving Future Retail. The regulator found that Future Retail failed to adequately disclose certain relationships and transactions in its annual reports, and did not secure mandatory approvals from the audit committee and shareholders in some instances. Additionally, former chief financial officer C P Toshniwal was fined ₹10 lakh. This case is part of an investigation initiated by SEBI in June 2022, focusing on alleged manipulation of Future Retail's accounts and possible siphoning of funds by promoters and key managerial personnel from 2019 to 2022. A forensic audit conducted by Chokshi & Chokshi LLP revealed that several borrowing entities were under the influence of the Biyani brothers, with former directors admitting to being merely 'namesake' directors.