(File photo)
NEW DELHI: The Supreme Court on Thursday stayed a Securities Appellate Tribunal order upholding Sebi’s direction to RIL to pay up disgorged amount of Rs 447 crore on the condition that it deposited Rs 250 crore in the Investors’ Protection Fund.
Admitting RIL’s appeal against SAT’s November 5 order, a bench of Justices D Y Chandrachud, Indu Malhotra and Indira Banerjee said, “As and by way of interim relief, we order and direct that the appellants shall, within a period of four weeks from today, deposit an amount of Rs 250 crore in the Investors’ Protection Fund in compliance with the order of the Whole Time Member, subject to the final result of the appeal. There shall be a stay on the recovery of the balance, inclusive of interest, pending the appeal.”
The Securities Appellate Tribunal (SAT) has stayed the Rs 6 crore penalty that markets regulator Sebi had imposed on NSE for allegedly investing in firms unrelated to the stock exchange business. Securities and Exchange Board of India (Sebi),in October, levied a fine of Rs 6 crore on National Stock Exchange (NSE) for allegedly investing in six companies unrelated or non-incidental to the stock exchange business. The six entities are CAMS and Power Exchange India Ltd (PXIL), NSEIT Ltd, NSDL E-Governance Infrastructure Ltd (NEIL), Market Simplified India Ltd (MSIL) and Receivables Exchange of India Ltd (RXIL). The noticee (NSE) had engaged, directly and/or through its wholly-owned subsidiary NSICL, in activities that are unrelated/non-incidental to its activities as a stock exchange by way of acquisition of stakes in PXIL, CAMS, NSEIT Limited, NEIL, MSIL, and RXIL without seeking approval of Sebi, the regulator had said in its order.
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NEW DELHI, Dec 15: The Securities Appellate Tribunal (SAT) has stayed the Rs 6 crore penalty that markets regulator Sebi had imposed on NSE for allegedly investing in firms unrelated to the stock exchange business.
Securities and Exchange Board of India (Sebi), in October, levied a fine of Rs 6 crore on National Stock Exchange (NSE) for allegedly investing in six companies unrelated or non-incidental to the stock exchange business.
The six entities are CAMS and Power Exchange India Ltd (PXIL), NSEIT Ltd, NSDL E-Governance Infrastructure Ltd (NEIL), Market Simplified India Ltd (MSIL) and Receivables Exchange of India Ltd (RXIL).
“The noticee (NSE) had engaged, directly and/or through its wholly-owned subsidiary NSICL, in activities that are unrelated/non-incidental to its activities as a stock exchange by way of acquisition of stakes in PXIL, CAMS, NSEIT Limited, NEIL, MSIL, and RXIL without seeking approval of SEBI,” the regulator had said in its order.
SAT stays SEBI s Rs 6 crore penalty on NSE
Securities and Exchange Board of India (Sebi), in October, levied a fine of Rs 6 crore on National Stock Exchange (NSE) for allegedly investing in six companies unrelated or non-incidental to the stock exchange business
PTI | December 15, 2020 | Updated 15:58 IST
In its order passed on December 11, SAT has stayed the penalty levied by Sebi on NSE
The Securities Appellate Tribunal (SAT) has stayed the Rs 6 crore penalty that markets regulator Sebi had imposed on NSE for allegedly investing in firms unrelated to the stock exchange business. Securities and Exchange Board of India (Sebi), in October, levied a fine of Rs 6 crore on National Stock Exchange (NSE) for allegedly investing in six companies unrelated or non-incidental to the stock exchange business.