Sebi to wind up Samir Arora case by Dec-end

The Securities and Exchange Board of India (Sebi) has said that it will complete the investigation into the alleged insider trading by Samir Arora by end of December, while it is likely to release the final report by March 31, 2004.

This was the assurance given by Sebi's lawyers to the Securities Appellate Tribunal (SAT) at the Samir Arora hearing today. The former chief investment officer of Alliance Capital Mutual Fund (ACML) had applied for interim relief.

At the hearing, his lawyer said Arora should be granted permission to access the market till the Sebi investigations are over, even if they do not want him to take part in any mutual fund activity till then.

Incidentally, Arora's proposed joint venture with Rana Talwar of Sabre Capital to form an asset management company also has been put on the back burner due to the investigations against Arora.

Sebi's lawyer in his turn said the market regulator's interim order was passed as a measure of grave emergency and he was stayed from starting a mutual fund and accessing the market.