SAT directs Sebi to pass orders on 2 entities

The Securities Appellate Tribunal (SAT) today directed Sebi to pass final orders by September 20 on Basmati Securities and Alka India in a case related to capital market manipulation using Global Depository Receipts (GDR) issues.

In two separate orders, SAT said market regulator Sebi should pass final order on or before September 20, 2014 on Basmati Securities and Alka India.

The Securities and Exchange Board of India, through an interim order in September 2011, had banned various entities including Basmati Securities and Alka India from dealing in the market for their role in stock price manipulation using the GDR route.

The regulator had barred Alka India from accessing the capital market for acting as a 'counterparty to the sell transactions of the FIIs' and thereby being a part of the market manipulation.

Sebi, through a confirmatory order passed in April 2012, had restrained Basmati Securities from dealing in securities in any manner whatsoever until further orders, while the regulator modified its order to the extent that Alka India was allowed to sell its securities held in dematerialised accounts.

The regulator had found that certain FIIs/Sub-Accounts were converting the GDRs - financial instrument used for raising capital overseas - into equity shares and selling them in the Indian market.


  • Everybody who contributes to India’s economic growth must be paid well

    Private sector blue chip companies are known to pay top dollar for top-level talent. Directors in such companies take home hefty pay packets.


Stay informed on our latest news!


Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs


Amita Sharma

Smart cities for the smart citizens

The 21st century has been spoken of as the urban ...

Zehra Naqvi

Baby and you

Every person who’s had a chance to be a parent ...

Bubbles Sabharwal

Women of the world, unite for a change

Last week I attended the Women in the World forum ...


William D. Green

Chairman & CEO, Accenture