SAT raps Sebi member for 'shoddy' handling of case

Coming down heavily on a Whole Time Member of the Securities and Exchange Board of India (Sebi) for handling a case in a "shoddy manner", the Securities Appellate Tribunal (SAT) on Friday ordered assigning the matter to another "responsible" member and decided to escalate the issue to the Sebi Chairman and finance minister. 

In an unusually hard-hitting order, the order passed by the full bench of SAT, also imposed a cost of Rs 1 lakh to be paid by Sebi to the appellant within a week for making the appellant "run around on account of apathy on part of WTM (Whole Time Member) of Sebi".

It also asked Sebi to ensure that other Whole Time Member passes an order within two weeks after giving an opportunity of hearing to the appellant, Adventz Finance Pvt Ltd, which had approached the Securities Appellate Tribunal against Sebi.  

"Since we are distressed with the manner in which the WTM of Sebi has discharged his quasi judicial duties which is highly detrimental to the interests of the securities market, we direct the registry to forward a copy of this order to the Finance Minister and also to the Chairman of Sebi for information," said the order signed by SAT Presiding Officer J P Devadhar and Members Jog Singh and C K G Nair.