SAT sets aside Sebi's penalty on SBI, Bank of Baroda, LIC in UTI AMC case

The Securities Appellate Tribunal (SAT) has set aside a Sebi order to impose Rs 10 lakh fine each on SBI, Bank of Baroda, and LIC in UTI AMC’s stake dilution case. 

Sebi had in August levied the fine on the three firms for failing to reduce their stakes to below 10 per cent in UTI AMC within the stipulated timeline. 

They were required to bring down their stake to 10 per cent each by March 2019. They were holding an 18.24 per cent stake each in the fund house.