SAT asks Sebi to repay an appellant, or pay an interest of 12% per annum

The appellant again filed an urgency application before SAT seeking direction to be issued to Sebi to refund the order as he as in dire need of money to undergo a spinal surgery

The Securities Appellate Tribunal (SAT) directed market regulator Securities and Exchange Board of India (Sebi) to refund Rs 635,521 to an appellant or pay an interest of 12 per cent per annum. This was a rare instance where the tribunal has threatened the market regulator to pay penal interest rate.

A year ago, Sebi had imposed a penalty of Rs 600,000 on an individual for violation under Prohibition of Fraudulent and Unfair Trade Practices (FUTP). The individual moved SAT against the order. However, during the pendency of the appeal Sebi’s recovery officer recovered an amount of Rs 635,521 on December 17,