Insider Trading: SAT stays SEBI s order barring Future Group s Kishore Biyani from markets
The tribunal has however directed Future Group’s promoters to deposit Rs 11 crore as an “interim measure.” The case to be heard next on April 12, 2021.
File image: Future Group Chairman Kishore Biyani
The Securities Appellate Tribunal (SAT) has stayed “effective operation” of the Securities and Exchange Board of India’s (SEBI) order accusing Kishore Biyani of Future Group from insider trading charges for purchases of Future Retail shares made in March 2017.
The tribunal has however directed Future Group’s promoters to deposit Rs 11 crore as an “interim measure.” The case to be heard next on April 12, 2021.
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Bengaluru/ Mumbai: The Securities Appellate Tribunal (SAT) on Monday stayed Sebi’s debarment order against Future Group founder Kishore Biyani and related parties, said multiple sources familiar with the development.
The tribunal pronounced the order verbally on the matter, they said.
The securities markets regulator had barred Biyani and four other entities from accessing the capital market for one year for alleged insider trading violations. They were also barred from dealing in
Future Retail shares for two years. “A formal order is yet to be received, but the Sebi ban has been stayed,” a person aware of the SAT proceedings said.
SAT stays Sebi order banning Kishore Biyani, other Future promoters from markets
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SAT stays Sebi order banning Kishore Biyani, other Future promoters from markets
PTI / Feb 16, 2021, 23:06 IST
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Future Retail chairperson Kishore Biyani (File photo)
NEW DELHI: The Securities Appellate Tribunal (SAT) has stayed an order passed by Securities and Exchange Board of India (Sebi) that had banned Future Retail chairperson Kishore Biyani and some other promoters from the securities market for one year for alleged insider trading.
SAT has also directed the Future Group promoters to deposit a sum of Rs 11 crore as an interim measure. In a hearing held on February 15, 2021, the Securities Appellate Tribunal has stayed the effect and operation of Sebi s order accusing the promoters of the Future Group of insider trading in the context of purchases of Future Retail shares made in March 2017, Future Corporate Resources Private Limited (FCRPL) said