SAT directs Sebi to launch a fresh probe in RIL's Network 18 buy

Tribunal raps market regulator for not following instructions in April 2016 order; issue is whether RIL violated listing norms while taking control of Network 18

The Securities Appellate Tribunal(SAT) has directed market regulator Sebi to conduct a fresh probe into the acquisition of Network 18 Media & Investments by Reliance Industries (RIL) through its subsidiary Independent Media Trust (IMT). In a 19-page order released on Friday, the tribunal pulled up the Securities and Exchange Board of India (Sebi) for not following the instructions given by it in the matter through an order dated April 13, 2016.

The matter of contention is whether Reliance Industries (RIL) violated the listing norms