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Front running trading activity by certain entities - fraud’ for the purposes of the PFUTP Regulations - Offence under SEBI - WTM order and the AO order have correctly held that due to the trading based on prior information of trades of the aforesaid 7 noticees and of the Sterling group, petitioners defrauded investors in the securities market and caused loss to other investors / deprived the investors from profits, and made unlawful gains in their respective trading accounts. - AT