Securities Appellate Tribunal admits RIL plea against Sebi ban
The companys counsel Harish Salve requested the court to allow it to at least invest its surplus funds in established MFs till the time an order is passed.
The Securities Appellate Tribunal (SAT) today admitted Reliance Industries' plea against a Sebi order banning it from equity derivatives markets, with the Mukesh Ambani-led firm saying it should be immediately allowed to invest its surplus funds, including through mutual funds.
The company's counsel Harish Salve requested the court to allow it to at least invest its surplus funds in established MFs till the time an order is passed.
ALSO READ: Reliance Industries to challenge Sebi order in RPL case
Saying that RIL does not have any F&O positions today, Salve said if it is barred from participating in equity derivatives, then how will it invest its surplus funds? SAT asked RIL to submit a list of MFs to Sebi through which it would participate in equity derivatives markets.
ALSO READ: Sebi bars RIL from F&O market, asks return of Rs 1,000 croreBesides, RIL was asked to disgorge Rs 447 crore, along with an annual interest of 12 per cent since November 29, 2007, which itself would be over Rs 500 crore, taking the total disgorgement amount to nearly Rs 1,000 crore.
The case relates to alleged fraudulent trading in the F&O space in the securities of RIL's erstwhile listed subsidiary Reliance Petroleum Ltd (RPL).
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.