Sebi had alleged that Reliance Strategic Investments, along with Morgan Stanley France (MSF), had knowingly traded in the puts of strike price 11,400 PE at a discount of 15%, 35% and 37% to the intrinsic value of the put options on July 31, August 8, and August 10, 2017, respectively.
Terming the order passed by the Securities and Exchange Board of India (SEBI), imposing a penalty of Rs7 lakh on Jio Financial Services Ltd (erstwhile Reliance Strategic Investments Ltd), as erroneous and without any basis, the Securities Appellate Tribunal (SAT) quashed the order.
NEW DELHI: The Securities Appellate Tribunal (SAT) on Wednesday quashed a Sebi order imposing a penalty of Rs 7 lakh on Jio Financial Services in case.