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The Securities and Exchange Board of India (Sebi) had barred Roys for two years and directed them to return illegal gains worth nearly Rs 17 crore made from trading in the shares of NDTV.
The securities appellate tribunal (SAT) on Thursday quashed the insider trading order issued by Securities and Exchange Board of India (SEBI) against New Delhi Television Ltd (NDTV)'s former promoters Dr Prannoy Roy and Radhika Roy. In November 2020, SEBI had asked the Roys to disgorge Rs16.97 crore, the money earned through insider trades while barring NDTV and the company's key executives from the securities market.
The impugned order passed by SEBI's whole time member against Prannoy Roy and Radhika Roy cannot be sustained, the SAT order said.