(Bloomberg) -- India’s markets regulator has banned a retail tycoon from accessing the securities markets for a year on charges of insider trading, complicating his battle to keep his companies afloat.

The Securities & Exchange Board of India barred Kishore Biyani, his brother, and one of his holding vehicles, saying a company that’s part of their Future Group traded in the shares of Future Retail Ltd. in 2017 during a period when it had unpublished price-sensitive information. The regulator also fined all three, according to an order published Wednesday.

Biyani and the group firm have disputed the allegations, according to the order.

The ban comes as Biyani and his flagship Future Retail are embroiled in a battle with Amazon.com Inc. over Biyani’s attempt to sell his retail assets to Reliance Industries Ltd. to alleviate a cash crunch. Amazon is trying to block the deal.

“On the face of it, it won’t become more difficult for group companies to raise money,” said J.N. Gupta, managing director at Stakeholders Empowerment Services, a proxy adviser. “The adverse impact will only be limited to the people mentioned, not the entire restructuring involved with the sale of assets to Reliance.”

The Mumbai-listed retailer missed an interest payment on its $500 million bond in January, but has said it plans to make the about $14 million payment within the 30-day grace period allowed to it by the bond terms.

(Updates with comment in fifth paragraph.)

©2021 Bloomberg L.P.