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BW Businessworld

SAT Adjourns RIL-Sebi Case Hearing Till Apr 8

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The Securities Appellate Tribunal (SAT) on 14 March '2013 adjourned hearing on Reliance Industries' appeal against market regulator Sebi till April 8, in a case related to alleged violation of insider trading norms in sale of shares of the company's erstwhile subsidiary RPL in 2007.
The bench observed that it needs more time to study Sebi's view on the matter.
The matter was last heard by SAT on February 21.
RIL had approached SAT against Sebi after its application to settle the matter through a 'consent mechanism' was rejected by the regulator.
Under Sebi's consent mechanism, companies can seek to settle cases with the market regulator after payment of certain charges and disgorgement of any ill-gotten gains.
RIL has challenged Sebi's decision and also the recent changes made by the regulator in regulations governing settlement of cases through the consent mechanism, especially those already under consideration.
In May 2012, Sebi had tightened the norms for settlement through consent framework. As a result, many cases, including those related to insider trading, are not being settled through this mechanism.
On January 3, Sebi published a list of 149 consent pleas, including 16 from entities related to RIL group, which it had found unsuitable for settlement through consent process.
These include applications of RIL itself and that of RIL Chairman Mukesh Ambani's close aide Manoj Modi.