In a major development, the Supreme Court has stayed an order of the Securities Appellate Tribunal (SAT) wherein the latter had substituted a penalty by SEBI in a case of fraudulent trading in the shares of Mapro Industries, with just a warning.
Supreme Court stays SAT order substituting fine imposed by SEBI with warning
Supreme Court stays SAT order substituting fine imposed by SEBI with warning
NEW DELHI : The Supreme Court has stayed an order of the Securities Appellate Tribunal (SAT), which had replaced market regulator Sebi’s directive of monetary penalty with a warning, in a fraudulent trading case.
The order comes following an appeal filed by the Securities and Exchange Board of India (Sebi) against the SAT order.
It has also been submitted that similar orders have been passed by SAT in many other cases, leading to several appeals being filed before this court by Sebi.
SC stays SAT order replacing SEBI fine with waring
A Supreme Court said the direction of substituting the fine, which has been imposed for indulging in fraudulent and unfair trading practices, with a warning is contrary to the statutory provision
PTI | January 6, 2021 | Updated 18:56 IST
Securities and Exchange Board of India (SEBI)
The Supreme Court has stayed an order of the Securities Appellate Tribunal (SAT), which had replaced market regulator Sebi s directive of monetary penalty with a warning, in a fraudulent trading case.
The order comes following an appeal filed by the Securities and Exchange Board of India (Sebi) against the SAT order.
Supreme Court stays SAT order replacing penalty with warning
File photo
In a major development, the Supreme Court has stayed an order of the Securities Appellate Tribunal (SAT) wherein the latter had substituted a penalty by SEBI in a case of fraudulent trading in the shares of Mapro Industries, with just a warning.
The matter pertains to an appeal filed by the Securities and Exchange Board of India (SEBI) folllowing the SAT order.
The top court noted that the direction substituting the penalty, which was imposed for indulging in fraudulent and unfair trading practices Section 15HA of the SEBI Act, with a warning was in contradiction to the statutory provision.