SAT quashes monetary penalty of Rs 860 mn by Sebi on DLF, top officials

Sebi had said DLF suppressed the material information in the prospectus it had issued before its public issue in 2007

The Securities Appellate Tribunal (SAT) set aside the monetary penalty imposed in 2014 on real estate giant DLF, on the latter’s chairman, Kushal Pal Singh, and some of its subsidiary entities. The order was imposed by the Securities and Exchange Board of India (Sebi), the total penalty being Rs 860 million on the company and seven of its top officials. 

“The tribunal by a majority decision set aside the order passed by the whole time member of Sebi by holding that the appellants have not violated the Sebi Act and the regulations framed thereunder,” presiding officer J P Devadhar said in