India, July 25 -- Capital market regulator SEBI on Friday levied fines totalling Rs 7.5 crore on 21 entities, including Axis Mutual Fund's former fund manager Viresh Joshi, and barred them from the securities markets for up to seven years in a case related to front-running allegations.

Front-running refers to an illegal practice in the stock market where an entity trades on the basis of advance information from a broker or analyst before the information has been made available to their clients.

Also, the Rs 30.56 crore impounded in compliance with the directions of the interim order dated February 28, 2023, shall be treated as the disgorgement amount for all the entities, the regulator said in a 146-page final order.

The regulator has ...