SAT interim relief for Ajay Shah, Infotech Financials

The tribunal has given Sebi six weeks to respond, following which the appellants will be given three weeks to submit their rejoinders

The Securities Appellate Tribunal (SAT) has stayed the ban imposed by market regulator Securities and Exchange Board of India (Sebi) on academic Ajay Shah, National Stock Exchange (NSE) vice president Suprabhat Lala and algo software developer Infotech Financials and its two directors Sunita Thomas and Krishna Dagli.  

In an order passed on April 30, Sebi charged these individuals and Infotech (the five appellants) for misuse of exchange data for commercial gains.

“Prima-facie, at this stage, we are of the opinion that the alleged violation, if any, was in the year 2009. More than 10 years have elapsed and the appellants were associated