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Issues surrounding an appeal by SEBI against an order of SAT in the Supreme Court

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Business Line (aka The Hindu Business Line) talk to Sumit Agrawal on the issues surrounding an appeal by SEBI against an order of Securities Appellate Tribunal in the Supreme Court.

Last month, the Securities Appellate Tribunal passed an order in the matter of Jayeshkumar Narottamdas Gandhi& Ors. v. SEBI directing to SEBI to refund the amount collected by recovery officer, SEBI in view of SEBI’s order having been set aside by the Tribunal.

SAT also rejected the contention that in absence of any direction by the tribunal for refund of the amount, and in view of SEBI’s intent to file an appeal before the SupremeCourt the amount of penalty.

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