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.
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 Rahul Gupta.
Markets regulator Securities and Exchange Board of India (SEBI) has decided to keep in abeyance National Securities Depository Ltd (NSDL) proposed Rs3,600 crore initial public offering (IPO).
In an order which came late on Thursday evening, the Securities and Exchange Board of India (SEBI) imposed penalties totaling Rs11 crore on eight entities,