Tribunal upholds Sebi order against Jermyn

The Securities Appellate Tribunal(SAT), presided by Justice N K Sodhi, today dismissed a petition filed by foreign institutional investor (FII) Jermyn Capital against market regulator Sebi's order that bars it from trading in the Indian securities market.

On November 30, 2005 Sebi had asked Taib Bank to stop trading in the Indian market through its sub account Jermyn Capital, as it was closely linked to Jermyn Capital partners through Dharmesh Doshi and Ketan Parekh who were involved in the stock market scam of 2001. Jermyn had challenged Sebi's order in SAT through an appeal made in December 2005.