SAT's split verdict leaves PNB-Carlyle deal in limbo; case may go to apex court thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
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MUMBAI: The Securities Appellate Tribunal (SAT) has stayed the regulator s Rs 25 crore fine on
YES Bank in the case of mis-selling of additional Tier 1 (AT1) bonds to investors. The tribunal has given Sebi four weeks to respond and has posted the matter for a final hearing on July 30.
Last month, Sebi had found YES Bank and three of its employees, including its then private wealth management head, guilty of mis-selling these bonds to retail investors and had imposed a Rs 25 crore fine on the bank. The head of the wealth management was fined Rs 1 crore while two other employees were fined Rs 50 lakh each.
Securities & Appellate Tribunal says it can function without a technical member
May 17, 2021
But asks Finance Ministry to fill up post lying vacant for 2 years
Can the Securities and Appellate Tribunal (SAT) hear matters in the absence of a technical member in the bench? In response to an objection raised by market regulator SEBI on SAT hearing cases without a technical member, the two member bench has ruled that it has the authority to run the tribunal.
In a rare instance, SAT has also marked its order copy to the Finance Ministry and the Supreme Court, and asked for it to be treated as a Public Interest Litigation (PIL) in the Apex court. SAT members were more amused when SEBI effectively questioned their ability to run the tribunal, lawyers present in the hearing said.