BIG! LIC Acts Tough After SEBI Action, Fires Employee Involved in Front-Running Case Using Family Demat Account for Intraday Trades
The state-run Life Insurance Corporation of India (LIC) has taken a firm action following the recent crackdown by the Securities and Exchange Board of India (SEBI), announcing the termination of an employee allegedly involved in a front-running case. In a statement issued on Wednesday morning, LIC disclosed that Yogesh Garg, employed as an Administrative Officer within the corporation, has been dismissed from his position. This move comes in response to Garg’s purported engagement in front-running activities, which caught the attention of regulatory authorities last year.
LIC emphasized that the termination was carried out in adherence to the established administrative procedures, with due diligence exercised by the disciplinary authority. “It is informed that Yogesh Garg was an employee in the cadre of Administrative Officer of the Life Insurance Corporation of India. 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,” LIC said in a statement.
