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Securities Appellate Tribunal (SAT) passes a landmark order setting aside a SEBI Order where 73 entities were debarred from securities market

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According to SEBI, the entire modus operandi of the case was first allot shares of the company (of a weak fundamentals) on a preferential basis; then announce a stock split; pump up the share prices artificially; and eventually provide an exit to the preferential allottees at a higher price. SEBI Order had held that the mechanism is presumably being used to deceive the authorities by laundering black money and making tax-free profits by misuse of stock market platform.

SAT set aside SEBI Order analyzing the facts & circumstances of the case and held that (1) making profits ipso facto cannot be termed illegal or manipulative or fraudulent or in violation of PFUTP Regulations and (2) having a business connection with the Company, without any other evidence, cannot prove being a part of the scheme of manipulating the price or some collusion for a serious charge.

Regstreet Law Advisorsย represented the lead appellants who were alleged to be connected with the company and its promoters.

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