The Hindu Business Line : Pyramid Saimira case: Ball in SEBI’s court

The Securities Appellate Tribunal (SAT) disposed of the appeals made by Ms Veena N. Kotecha and Kotecha Capital Services against an ex-parte SEBI order in the Pyramid Saimira case, but kept the pleas of the two appellants open as SEBI is scheduled to hear the entire matter on July 1 and pass an order before July 15.

During the hearing of the appeal, the SEBI counsel said the regulator will consider the matter on July 1 and give personal hearings as well before passing an order on or before July 15. The SAT order said: “We dispose of the appeal as infructuous, leaving it open to the whole-time member (SEBI) to pass an order in accordance with law after hearing the appellants. All pleas raised by the appellants shall remain open.”

SEBI, through an ex-parte order on April 23, had restrained the two appellants from dealing in the securities market.

Credential Stock Brokers

In another case, SAT upheld a SEBI order against Credential Stock Brokers Ltd; but the tribunal was critical of the regulator for pronouncing an order (January 2009) more than a decade after the appellant had done manipulative trading. Credential had indulged in manipulative trading in the stock of Vatsa Music Ltd between January and June 1998 on the NSE. The final order was passed in January.

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