SAT reverses Sebi decision, okays Ketan Parekh's cross-examination

In January, Sebi had issued an ex parte interim order-cum-show cause notice against 22 entities, including Salgaocar (the appellant) and Parekh

The Securities Appellate Tribunal (SAT) has overturned a Sebi decision and granted Singapore-based Rohit Salgaocar the right to cross-examine Ketan Parekh in an alleged insider trading case involving unlawful gains of ₹66 crore.

 

In January, Sebi had issued an ex-parte interim order-cum-show cause notice against 22 entities, including Salgaocar (appellant) and Parekh. The regulator alleged that Salgaocar, a director at Strait Crossing, passed on unpublished price-sensitive information about impending trades to Parekh, who then coordinated transactions through a network of connected entities.

 

SAT has now set aside Sebi’s August communication denying Salgaocar’s request filed in July for the cross-examination of