New Delhi, April 25 -- In a 127-page interim order that could set a new benchmark for market surveillance, the Securities and Exchange Board of India (Sebi) has charged Mumbai-based broker Madhav Stock Vision Pvt. Ltd (MSVPL) and five individuals for front-running the trades of a large institutional investor, referred to as the "Big Client."

Sebi restrained Madhav Stock from dealing in securities in its account and prohibited the individuals from dealing with securities, directly or indirectly, until further orders.

What sets this order apart is the holistic integration of technological evidence to reconstruct the modus operandi of the accused in real time, experts say.

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