SAT stays Biocon insider trading order

The Securities Appellate Tribunal (SAT) on Tuesday stayed an order passed by market regulator Sebi for alleged insider trading breach at biopharmaceutical company Biocon.

In an order dated July 8, Sebi had directed Allegro Capital and its owner Kunal Kashyap to disgorge Rs 25 lakh for allegedly dealing in shares of Biocon while in possession of price sensitive information.  

The tribunal, while staying the order, directed that half of the disgorgement amount needs to be deposited in four weeks.