The Securities Appellate Tribunal has reversed the penalty imposed by market regulator, Sebi, on three public sector entities in the matter of UTI Asset Management Company.
Securities Appellate Tribunal overturns SEBI penalty on SBI, LIC, Bank of Baroda over UTI MF
SEBI had fined the three entities for holding over 10% stake in UTI MF, which was in violation of SEBI rules
BusinessToday.In | January 12, 2021 | Updated 14:58 IST
The Securities Appellate Tribunal (SAT) has reversed the penalty imposed by the Securities and Exchange Board of India (SEBI) on three entities (Photo- Reuters)
The Securities Appellate Tribunal (SAT) has reversed the penalty imposed by the Securities and Exchange Board of India (SEBI) on State Bank of India (SBI), Bank of Baroda and Life Information Corporation (LIC) on the matter of UTI Asset Management Company (AMC).
0
The Securities Appellate Tribunal (SAT) while directing Securities and Exchange Board of India (SEBI) to file a reply, has asked New Delhi Television Ltd (NDTV) promoters Dr Prannoy Roy and Radhika Roy to deposit 50% of the disgorged amount with SEBI in four weeks. In November 2020, SK Mohanty, whole-time member (WTM) of SEBI has asked Dr Roy and his wife Radhika to jointly or severally, disgorge the amount of wrongful gain of Rs16.97 crore along with an interest, made for a transaction in December 2007 and April 2008.
Both Dr Roy and Ms Roy approached SAT against the SEBI order. One of the contentions which arise for the SAT bench comprising justice Tarun Agarwala, Dr CKG Nair and justice MT Joshi for consideration was whether there has been an undue delay in the initiating proceedings when transactions were made on the stock exchange platform.