March 14, 2021
Kishore Biyani, Promoter of the Future Group - KAMAL NARANG× Kishore Biyani, the founder of the Future Group, has deposited the interim fine in the insider trading case as ordered by Securities Appellate Tribunal (SAT). The money has been deposited with SEBI. The ₹11-crore interim fine was levied by SAT on Biyani and a few others.
During the hearing held on February 15, a three-member Bench at SAT led by Justice Tarun Agarwala had also stayed an order passed by market regulator that had barred the brothers Kishore and Anil Biyani and Future Corporate Resources Pvt Ltd along with other individuals from accessing the securities market for one year.
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SAT stays Sebi ban on Future group promoters from securities market
19 February 2021
The Securities Appellate Tribunal (SAT) has stayed the Securities and Exchange Board of India (Sebi’s) order restricting Future Group promoter Kishore Biyani and the other promoters of the group from accessing the securities market.
Sebi had barred Future Group promoters from accessing the securities market for alleged insider trading in the Future Retail (FRL) scrip.
The SAT order comes as a big relief to the Future Retail CEO, who is beng haunted by US online retailer Amazon over alleged violation of conditions of an agreement relating to the sale of its assets to Amazon Inc.
Read more about SAT stays SEBI s ban on Kishore Biyani, other Future promoters from markets on Business Standard. SAT has directed Future Group promoters to deposit a sum of Rs 11 crore as an interim measure. The case will now come up on April 12, 2021
SAT stays SEBI s ban on Kishore Biyani from securities market
By IANS |
Published on
Tue, Feb 16 2021 11:33 IST |
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SAT stays SEBI s ban on Kishore Biyani from securities market. Image Source: IANS News
Mumbai, Feb 16 : In a major relief for Future Retail CEO Kishore Biyani, the Securities Appellate Tribunal (SAT) has stayed the SEBI s order restricting him along with other promoters of the group from the securities market for alleged insider trading in the scrip of Future Retail (FRL).
A company statement said the appellate tribunal has stayed the effect and operation of SEBI s order accusing the promoters of the Future Group of insider trading in the context of purchases of Future Retail shares made in March 2017.
SAT has also directed the Future Group promoters to deposit a sum of Rs 11 crore as an interim measure., , kishore biyani, future group, amazon india, reliance industries