 "SAT to hear Factorial's insider trading appeal on March 11")
The Securities Appellate Tribunal (SAT) has adjourned the hearing in an appeal filed by Hong Kong-based hedge fund Factorial Master Fund to March 11.
Market regulator Securities and Exchange Board of India (Sebi) has barred Factorial from accessing India’s capital market for allegedly trading in the shares of L&T Finance Holdings based on leaked price sensitive information.
Factorial had short-sold shares of L&T Finance before the announcement for its offer for sale (OFS) in March last year. Sebi has alleged that the hedge fund made a profit of Rs 20 crore in the said transaction.
SAT is a quasi-judicial body that hears appeals against decisions of the stock market regulator.
As per SAT’s website, senior advocate Darius Khambatta is the counsel for Sebi, while Vikram Nankani is representing Factorial.