Sebi to pass fresh order in Basil International case

Sebi will pass a fresh order with respect to one Jayanta Kumar Basu, who along with 12 others were barred from the capital market last year in a case of illegal money pooling activities.
In February 2015, the Securities and Exchange Board of India (Sebi) had imposed a four-year ban on Kolkata-based Basil International and 12 individuals, including Basu.
Basu was a director at the company, as per Sebi order.
Appealing against the regulator's ruling, Basu approached the Securities Appelate Tribunal (SAT).
During the hearing, counsel for Sebi stated that in view of various documents produced for the first time in this appeal, it would be just and proper to set aside the impugned order with liberty to the regulator to pass a fresh order on merits and in accordance with law.

Accordingly, SAT has quashed and set aside the impugned order passed by Sebi on February 6, 2015.
"Appellant (Basu) is at liberty to file an application before Sebi with relevant documents on which he would like to rely upon, within a period of two weeks from today," SAT said in its order on Monday.
"After two weeks from today, Sebi shall consider such application, if any, filed by the appellant and pass fresh order on merits after giving an opportunity of hearing to the appellant," it added.