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The Securities and Exchange Board of India (Sebi) has declined to reconsider the consent application of Reliance Industries (RIL) in an insider trading case.
The regulator, in an affidavit, said on Tuesday the Securities Appellate Tribunal (SAT) should decide on the issue. Sebi had earlier rejected RIL’s consent application. SAT will hear the case on November 11.
During the previous hearing on October 11, it had asked if Sebi could reconsider RIL’s consent application. A consent application allows for the settlement of charges through payment of a monetary penalty without admitting or denying guilt.
RIL's appeal before SAT is the manner in which it's consent application was rejected by Sebi and also the regulator's refusal to provide documents it had sought. RIL consent application has earlier been rejected by Sebi's high powered advisory committee.
The RIL insider trading case involving its erstwhile subsidiary Reliance Petroleum Ltd (RPL) dates back to 2007. The company is said to have made undue gains of Rs 513 crore by trading in RPL shares in the derivatives segment.
