The Securities Appellate Tribunal (SAT) on Monday put off the hearing in Reliance Industries' appeal against markets regulator Sebi in the 2007 insider-trading case to November 15. At the last hearing on October 11, SAT had suggested Sebi to consider RIL application for a consent settlement that allows companies and individuals to settle disputes by paying a fine without admission or denial of the alleged wrongdoing. Earlier on Monday, the tribunal adjourned the hearings after RIL side said its senior counsel Janak Dwarakadas would be present for the afternoon hearing. But since Dwarakadas could not make it on time, SAT adjourned the case for next Friday, saying it would like to hear the case from him. Sebi lawyer Darius Khambata said the regulator has already given RIL the three documents it had sought for inspection related to the alleged insider trading probe. SAT has been hearing the appeal filed by RIL against Sebi in the insider-trading case related to its erstwhile arm Reliance Petroleum dating back to 2007.
Sebi must step up criminal enforcement, says ESMA
European market watchdog European Securities and Markets Authority (ESMA) has lauded Sebi for developing a robust surveillance and enforcement system but has called for a stepped-up criminal enforcement framework for capital market violations in India. A 122-page report by ESMA has noted the legal authority of Sebi (Securities and Exchange Board of India) has been strengthened and it now has "broad regulatory, licensing, investigation, supervision and enforcement powers". "Based on such strong legal framework Sebi has also developed robust regulations for different types of market participants and RSEs (Recognised Stock Exchange)," ESMA said. ESMA also said that efforts made by Sebi during the last few years to build a strong market surveillance system and separate investigation and enforcement departments have translated into effective enforcement of regulations against unfair trading practices such as market manipulation and insider trading.