The Securities and Exchange Board of India (Sebi) has taken the view that Sterlite Industries cannot continue with its buyback programme on the grounds that the order banning it from accessing the capital markets extended to all its capital market transactions.
The investigations and enforcement department of Sebi, which had passed the order under Sections 11 and 11 B of the Sebi Act barring the company from accessing the capital market for two years following the involvement of its management and promoters in the 1998 price rigging, was of the opinion that its order pertained only to the company