The functioning of SAT which hears appeals against orders by the capital markets regulator is likely to be affected after the retirement of the presiding officer. SAT has a sanctioned strength of three judges. The lack of a presiding officer will lead to an increase in litigation as appeals filed before SAT against adjudication orders passed by Sebi will remain pending, said securities lawyers.
The SAT concluded that Biyani and Future had not indulged in insider trading since the information based on which they had made their trades was "generally available" in the public domain through various media reports.
SAT Overturns Sebi's Order in the Karvy Case vervetimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vervetimes.com Daily Mail and Mail on Sunday newspapers.
Coming down heavily on National Securities Depositaries Ltd (NSDL) and the Securities and Exchange Board of India (SEBI) for transferring, without any authority of law, fungible shares pledged by Karvy Stock Broking Ltd with four banks and one non-banking finance company (NBFC),