 "sebi")
The Securities Appellate Tribunal (SAT) has directed the Securities and Exchange Board of India (Sebi) to either refund Rs 635,521 to an appellant or pay interest of 12 per cent per annum. This was a rare instance in which the tribunal threatened the capital markets regulator to pay penal interest.
Sebi had, a year ago, imposed penalty of Rs 600,000 on an individual for violation under the Prohibition of Fraudulent and Unfair Trade Practices (FUTP). The individual had moved SAT against the order. However, during the pendency of the appeal, Sebi’s recovery officer recovered an amount of Rs 6,35,521 on December
