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.