SAT stays Sebi order on disgorgement

Securities Appellate Tribunal (SAT) has stayed the disgorgement order of Securities and Exchange Board of India (Sebi) against National Securities Depository (NSDL).

The tribunal said the order is applicable to other entities identified for disgorgement by Sebi.

Sebi, in the second-half of November 2006,  had issued disgorgement order, asking depositories, DPs and market intermediaries to deposit with it ill-gotten money totalling Rs 116 crore within six months. 
 
NSDL had appealed to SAT saying the market regulator has no power to order depositories for disgorgement.