Mumbai: The Securities Appellate Tribunal (SAT) on Monday dismissed an appeal filed by Reliance Industries Ltd (RIL) against the decision of the Securities and Exchange Board of India (Sebi), which refused to settle an alleged instance of unfair trade practices through the consent process.
However, the tribunal also came down heavily on the regulator for the undue haste shown by the officers of Sebi in disposing of the consent application filed by RIL.
The matter relates to the sale of about 20 crore shares of Reliance Petroleum Ltd (RPL) in November 2007.
According to Sebi, RIL along with other entities related to it, took short positions in the futures and options segment of the NSE in the shares of RPL.
On or about the same time, RIL allegedly sold approximately 20 crore shares of RPL in the cash segment with a view to depress the settlement price in the F&O segment and thereby made an illegal gain of Rs 513.12 crore on the short positions.
