SAT quashes Sebi’s order against NDTV promoters

Mumbai: The Securities Appellate Tribunal has set aside a Securities and Exchange Board of India’s (Sebi) order barring former NDTV promoters Prannoy Roy and Radhika Roy from the capital markets for a period of two years for alleged insider trading.

“The impugned order passed by the WTM dated November 27, 2020, against Prannoy Roy and Radhika Roy in appeal no. 557 of 2020 and 558 of 2020 cannot be sustained and is quashed,” SAT presiding officer justice Tarun Agarwala and technical member Meera Swarup said in order on Thursday.

The appellate tribunal stated that the trades executed by the Roys were in conformity with the NDTV’s Code of Conduct and the PIT Regulations since they had secured pre-trade clearance from the compliance officer of NDTV, which is an admitted fact in the show-cause notice.

“There is no finding in the impugned order to the effect that the compliance office had acted improperly in granting permission to these two entities to sell during the period when the trading window was closed,” the order states.

The SAT has also quashed the Sebi order relating to former NDTV CFO Saurav Banerjee, arguing that it cannot be sustained. The appellate tribunal partly allowed the appeals of former NDTV CEO Vikramaditya Chandra and former senior advisor editorial and projects Ishwari Prasad Bajpai.

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