Markets regulator Sebi has uncovered a front-running scheme involving PNB MetLife India Insurance Company equity dealer Sachin Bakul Dagli and eight other entities, who generated illegal gains of Rs 21.16 crore. The front-running by these entities continued for more than three years. Sebi, through an interim order on Friday, prohibited Sachin Bakul Dagli and eight other entities from the securities market and impounded the unlawful gains made by them. The Securities and Exchange Board of India (Sebi) had conducted an examination into the suspected front running of the trades undertaken by the Big Client, PNB Metlife India Insurance Company Ltd, by certain entities. The focus of the investigation was to ascertain whether the suspected entity(ies) had front-run the trades of Big Client in connivance with other entities, including dealers and/or fund managers, if any, and thereby violated the provisions of the Sebi's PFUTP ( (Prohibition of Fraudulent and Unfair Trade Practices) rules