SAT dismisses appeal against Sebi order

The Securities Appellate Tribunal has dismissed an appeal filed by three individuals against market regulator Sebi, which had slapped a cumulative fine of Rs 5 lakh on them for non-compliance of disclosure norms during 2011 and 2012.
The Securities and Exchange Board of India (Sebi), in December last year, levied fine a cumulative penalty of Rs 5 lakh on three individuals -- Virat Sevantilal Shah, Alok Virat Shah and Rajan Sevantilal Shah.
Following Sebi's decision, Shahs moved to Securities Appellate Tribunal (SAT).
After considering all mitigating factors, SAT in its yesterday's order, said "AO ( Sebi's Adjudicating Officer) has imposed composite penalty of Rs 5 lakh as against penalty of Rs 8 lakh imposable on appellants, which cannot be said to be harsh or unreasonable, especially when the default is repetitive in nature and appellants had acquired shares with a view to acquire control over the management of the company."

SAT said it did not find any merit in the appeal and dismissed the same.