SAT sets July 17 deadline for Sebi in Allied Financial case

Regulator to hear all parties involved in plea by IL&FS Securities seeking annulment of trades

The tricky matter regarding the settlement of Nifty options contracts between clearing member IL&FS Securities Services, broker-cum-trader Allied Financial Services, and several other market participants, has landed before the Securities and Exchange Board of India (Sebi).
 
On Wednesday, the Securities Appellant Tribunal (SAT) remanded the matter to Sebi, directing the capital markets regulator to hear out all parties involved and pass a final order by July 17. 
 
According to the SAT’s directives, all parties involved have to submit their representation to Sebi by July 8. They can all then appear before the regulator for personal hearings between July