Last Monday, June 19, a courtroom at the Securities Appellate Tribunal (SAT) in Mumbai was witness to a constellation of top senior counsel. There was Iqbal Chagla and Janak Dwarkadas, two of the topmost counsel in Mumbai. Another top lawyer Rafique Dada, supported by senior counsel Vikram Nankani and Mustafa Doctor, was appearing for the Securities and Exchange Board of India (Sebi). More than 60 matters relating to long-term capital gains (LTCG) were listed on that day. The hearing lasted over six hours. What they were arguing over was price manipulation to book long-term capital gains (LTCG) tax, a scam
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