SAT asks Sebi to pass final order in Rose Valley case

The Securities Appellate Tribunal (SAT) has asked the Securities and Exchange Board of India (Sebi) to pass a final order in Rose Valley case within four months of receipt of any objection from the company in the matter. In 2011, West Bengal-based Rose Valley Real Estates And Construction, a Rose Valley group firm, was barred by Sebi from raising funds from the public on the charge that it did not have necessary regulatory approvals for running a collective investment scheme. In its order issued on September 26, the tribunal has asked Sebi to furnish any additional material to Rose Valley Real Estates and Construction within two weeks from the date of the order. Further, it has asked the company to file objections, if any, within four weeks from the date of receiving additional materials from the market regulator.