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The Securities Appellate Tribunal has given some more time to the markets regulator SEBI and Mukesh Ambani-led Reliance Industries to respond to a clarification on the new consent norms.
The tribunal has sought clarifications from both the parties on how the new and stricter consent norms, notified by SEBI in January this month, will impact the already concluded insider trading case that occurred during the merger of Reliance Petroleum with RIL in 2007. According to SEBI findings, RIL had allegedly gained earned over Rs 500 crore illegally through insider trading.
The tribunal, which was supposed to pronounce an order sometime this month, will now hear the matter again on February 24. SAT Presiding Officer J.P. Devadhar said the tribunal wanted to know whether the appeal by RIL will hold since the new consent norms are retrospective in nature.
Earlier, senior RIL counsel Janak Dwarkadas requested SAT to fix a timetable for hearing RIL’s consent application by SEBI once again, which the regulator rejected.
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