SAT stays SEBI ban imposed on academic Ajay Shah, Infotech Financials

Earlier, SAT granted similar interim relief to three senior NSE officials and broker OPG Securities charged in the co-location case

The Securities Appellate Tribunal (SAT) has stayed the ban imposed by market regulator Securities and Exchange Board of India (Sebi) on academic Ajay Shah, National Stock Exchange (NSE) vice president Suprabhat Lala and algo software developer Infotech Financials and its two directors Sunita Thomas and Krishna Dagli.  

In an order passed on April 30, Sebi charged these individuals and Infotech (the five appellants) for misuse of exchange data for commercial gains.

“Prima-facie, at this stage, we are of the opinion that the alleged violation, if any, was in the year 2009. More than 10 years have elapsed and the