Millennium Post

SAT upholds SEBI order on two traders to surrender unlawful gains

The Securities Appellate Tribunal on Thursday upheld SEBI's order against two individuals that directed them to surrender unlawful gains of Rs 60.72 lakh, made by each one, through fraudulent trading in shares of OjasTechnochem Products Ltd.

However, the tribunal said that Shailesh S Jhaveri and Harsha M Shah need not pay Rs 75.31 lakh each - based on simple interest of 12 per cent per annum - on the unlawful gain for the period January, 2000 to May, 2010. SAT in its order said that it cannot ‘find any fault with the findings of the whole-time member  [of Sebi] that amount of unlawful gain in case of each appellant is Rs 60,72,000’.

SEBI had directed the two individuals to surrender the profits - of Rs 60.72 lakh each - earned by them from fraudulent trading in shares of OjasTechnochem Products.  

PTI

PTI

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