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SAT, in an order issued on Thursday, said that there had been no misuse of client funds, and by wrongly considering the non-funded portion of the bank guarantee as per the 2016 circular, an attempt has been made out to show that there was a misuse of client funds.
The SAT has concluded that the information said to have been possessed by the Roys when the traded in the NDTV shares was not price sensitive, contrary to the SEBI findings on this aspect.
SAT held that SEBI had passed the interim order barring Warsi and others from dealing in the securities market, without considering the essential facts.
Expediting key appointments good for all stakeholders