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SAT sets aside Sebi s penalty on SBI, Bank of Baroda, LIC in UTI AMC case Updated: Updated: January 12, 2021 16:43 IST Securities and Exchange Board of India (Sebi), in August 2020, levied the fine on three financial institutions for failing to reduce their stakes to below 10% in UTI Asset Management Company Share Article AAA Following the Sebi s order, State Bank of India (SBI), Bank of Baroda (BoB) and Life Insurance Corporation of India (LIC) had moved the tribunal. | Photo Credit: Shailesh Andrade Securities and Exchange Board of India (Sebi), in August 2020, levied the fine on three financial institutions for failing to reduce their stakes to below 10% in UTI Asset Management Company ....