Front-running defined as trading on non-public information ahead of substantial orders, prompting regulatory prohibition and scrutiny. Front-running is trading in advance of a substantial order or impending transaction by using non-public information to buy or sell the same or related securities or to enter into options or futures contracts, with the expectation that public disclosure will change prices. Key operative elements are possession or use of non-public information, pre-emptive transactions in identical or related instruments, and intent to benefit from the anticipated price movement; SEBI's circular frames such conduct as front-running.