SAT adjourns Reliance Industries Ltd-Sebi case till January 24
Reliance Industries Ltd (RIL) had sought to settle certain investigations into alleged violation of insider trading norms in sale of shares of its erstwhile subsidiary Reliance Petroleum Ltd, but the application to settle of the matter under Sebi's consent framework was rejected by the regulator.
Consequently, RIL filed an appeal before the Securities Appellate Tribunal (SAT), which had listed the matter for hearing today. Sebi, however, sought more time from SAT to study the RIL petition, pursuant to which the Tribunal today adjourned the matter till January 24 for further hearing.
RIL's appeal against the Securities and Exchange Board of India was earlier scheduled to heard by SAT for admission on January 4, but it had adjourned the hearing to January 11.
RIL is believed to have challenged Sebi's decision to reject its application and also the changes made by Sebi in the regulations governing settlement of cases through consent mechanism – especially for cases already under consideration.
Under Sebi's consent mechanism, companies can seek to settle cases with the market regulator after payment of certain charges and disgorgement of any ill-gotten gains.
In May 2012, Sebi tightened the regulations for settlement through consent framework, as a result of which many cases including those related to insider trading, cannot be
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