SAT adjourns RIL insider trading case till Sept 25
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SAT adjourns RIL insider trading case till Sept 25

Last Updated: Friday, August 30, 2013, 18:43
 
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SAT adjourns RIL insider trading case till Sept 25
Mumbai: The Securities Appellate Tribunal (SAT) Friday adjourned hearing on RIL plea against Sebi in the insider trading case to September 25.

Meanwhile, an Urdu daily sought to join the case as a petitioner in the matter.

Reliance Industries' (RIL's) appeal in this nearly seven-year-old case is being heard by SAT for many months, while Sebi has termed the appeal as "not maintainable".

The case relates to RIL's appeal against market regulator Sebi in a case related to alleged violation of insider trading norms in sale of shares of its erstwhile subsidiary Reliance Petroleum in 2007. RPL was later merged with RIL.

RIL had approached SAT against Sebi after its application to settle the matter through a 'consent mechanism' was rejected by the regulator.

Under Sebi's consent mechanism, companies can seek to settle cases with the regulator after paying certain charges and disgorgement of any ill-gotten gains.

RIL has challenged Sebi's decision and also the recent changes made by the regulator in regulations governing settlement of cases through the consent mechanism, especially those already under consideration.

In May 2012, Sebi had tightened the norms for settlement through consent framework. As a result, many cases, including those related to insider trading, are not being settled through this mechanism.

On January 3 this year, the Sebi had published a list of 149 consent pleas, including 16 from entities related to RIL group, which it had found unsuitable for settlement through consent process.

These include applications of RIL itself.

RIL has challenged Sebi's decision and also the recent changes made by the regulator in regulations governing settlement of cases through the consent mechanism, especially those already under consideration.

PTI



First Published: Friday, August 30, 2013, 18:43


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