The Securities and Exchange Board of India (SEBI) has levied a total fine of ₹1.5 crore on eight entities for front-running trades related to a portfolio management services (PMS) client. This action stems from the misuse of non-public information, where Ashok Maheshwari (Noticee 1) shared confidential trading details with Darshan Bakul Shah (Noticee 2) under a profit-sharing scheme. Shah executed trades not only for himself but also for his wife and several connected entities. SEBI's investigation revealed a deliberate scheme to exploit advance knowledge of institutional orders, leading to the disgorgement of ₹1.29 crore in unlawful gains, which will be credited to the Investor Protection and Education Fund (IPEF). The penalties include ₹25 lakh each for Maheshwari and Shah, with additional fines for others involved. Furthermore, the entities have been barred from accessing the securities market for varying durations, and specific individuals have been prohibited from holding key managerial positions in listed companies or SEBI-registered intermediaries for two years.