SAT summons SEBI Official for Contempt of Court

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Chaini Parwani

Published On: December 28, 2021 at 12:21 IST

The Judges at Securities and Appellate Tribunal (SAT) annoyed by Securities and Exchange Board of India’s (SEBI) Adjudicating Officer (AO) asked him to appear before SAT in person and termed the Regulator’s actions as ‘Contempt of Court.’

Previously, SAT had charged SEBI on ‘Judicial Dishonesty’ and asked the AO to submit a Affidavit for a 12-year delaying a Show Cause Notice (SCN) to a Trader for alleged insider trading and share price manipulation.

Further the SAT presiding officer Tarun Agarwala and Judicial Member M T Joshi directed SEBI AO to be personally present before them who failed to submit the Affidavit.

Furthermore, the SAT highlighted that the SEBI counsel had made a request for an adjournment as they prayed to submit an appeal before the Supreme Court (SC) against the Tribunal’s order dated December 16.

The SAT further while allowing SEBI four weeks time to get an order from the Supreme Court posted the date of Hearing on January 27, 2022.

The Show Cause Notice was issued to Yatin Pandya who cited several SAT Judgements before SEBI to challenge that the regulator had delayed its actions so much that it was difficult for him to remember the incidents and circumstances of over a decade ago.

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