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Our Bureau

Kolkata, Jan. 10

Securities Appellate Tribunal has set aside a SEBI order against Mr Mathew Easow, a stock analyst and chairman of Mathew Easow Research Securities Ltd, a Kolkata-located broking firm, and ordered the regulator to compensate Mr Easow Rs 1 lakh for cost of the appeal proceedings.

In its order, SAT said: “We allow the appeal, reverse the findings recorded by the adjudication officer and set aside the punged order. The damage caused to the reputation of Mr Mathew cannot be undone. However, he will have his costs, which are assessed at Rs 1 lakh.” A three-member tribunal bench, comprising Mr Justice N.K. Sodhi as the presiding officer, passed the order.

The Securities Exchange Board of India adjudicating officer in September 2006 had slapped a fine of Rs 20 lakh for alleged violation of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations 2003. Mr Easow had gone in appeal against the SEBI order.

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