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Terming the adjudication orders passed by the Securities and Exchange Board of India (SEBI) as arbitrary and violative of the principles of natural justice, the securities appellate tribunal (SAT) has quashed and drastically reduced penalties imposed against 19 entities.
The tribunal has set aside the total penalty of Rs 7 crore imposed by Sebi on NSE and has reduced the penalty on Ramkrishna from Rs 5 crore to Rs 25 lakh. Sebi had initiated investigation after it received complaints which alleged irregularities with respect to certain brokers availing point to point dark fibre connectivity from Sampark Infotainment.
While dismissing several orders passed by the Securities and Exchange Board of India (SEBI) in the National Stock Exchange (NSE) colocation matter, the Securities Appellate Tribunal (SAT) has asked the regulator to refund Rs72.58 crore with interest deposited by NSE, Way2wealth Brokers Pvt Ltd and GKN Securities. SAT also dismissed SEBI's prohibitory orders against Chitra Ramkrishna, former managing director and chief executive officer (MD&CEO) of NSE, Ravi Varanasi, Nagendra Kumar and Devi Prasad Singh, all top executives of the Exchange and MR Shashibhushan, Sonali Gupta, Omprakash Gupta and...