The Securities Appellate Tribunal (SAT) has set aside a securities market ban on former TV anchor Hemant Ghai and his family imposed by regulator Sebi for fraudulent trading practices.
However, the appellate tribunal said that the alleged unlawful gain of Rs 2.95 crore made by Ghais will remain in the escrow account during the pendency of the investigation by the Securities and Exchange Board of India (Sebi).
In case, the investigation exceeds beyond the timeline of six months given by Sebi, it would be open to the appellants — Hemant Ghai, his wife Jaya Hemant Ghai and his mother Shyam Mohini — to move an appropriate application for reconsideration of this direction, the SAT said in its order passed on August 25.
The ruling comes after Ghais approached SAT against an order passed by Sebi in July, whereby the regulator disposed of a show cause notice issued to the former TV anchor and his family in February for alleged manipulative trades and decided to re-investigate the matter.
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