SAT admits Reliance Industries plea against Sebi ban

The Securities Appellate Tribunal today admitted Reliance Industries’ plea against a Sebi order banning it from equity derivatives markets and will hear the matter next on August 8, with the firm saying it should be allowed to invest its surplus funds, including through mutual funds. Reliance Industries’ counsel Harish Salve requested the tribunal to allow it to at least invest its surplus funds in established mutual funds till the time an order is passed. In response, the tribunal said that once the company makes a separate application, Sebi can consider it and take a decision as per applicable law.

With respect to Sebi direction asking the Mukesh Ambani- led firm to disgorge “unlawful gains”, the Securities Appellate Tribunal (SAT) said, “Please extend it to a later date.”

SAT has fixed August 8 as the next date for hearing the matter. “We (Reliance) have no direct positions in futures and options. We put money in established funds and we want to know that should not be a problem. These are all standard funds, we are not acquiring any futures,” Salve told the tribunal. The company has only invested in funds and does not know if this would be hit by the (impugned) order, Salve added.

The Securities Appellate Tribunal today admitted Reliance Industries’ plea against a Sebi order banning it from equity derivatives markets and will hear the matter next on August 8, with the firm saying it should be allowed to invest its surplus funds, including through mutual funds. Reliance Industries’ counsel Harish Salve requested the tribunal to allow it to at least invest its surplus funds in established mutual funds till the time an order is passed. In response, the tribunal said that once the company makes a separate application, Sebi can consider it and take a decision as per applicable law.

With respect to Sebi direction asking the Mukesh Ambani- led firm to disgorge “unlawful gains”, the Securities Appellate Tribunal (SAT) said, “Please extend it to a later date.”

SAT has fixed August 8 as the next date for hearing the matter. “We (Reliance) have no direct positions in futures and options. We put money in established funds and we want to know that should not be a problem. These are all standard funds, we are not acquiring any futures,” Salve told the tribunal. The company has only invested in funds and does not know if this would be hit by the (impugned) order, Salve added.