Sat dismisses Sebi’s penalty against RIL group company

In a relief to Mukesh Ambani-led RIL group, the Securities Appellate Tribunal has quashed a Sebi order imposing Rs 11 crore fine on Reliance Petroinvestments and has asked the regulator to pass another direction within three months after looking into the matter afresh. The penalty was imposed by Sebi in May 2013 in an over six-year old insider trading case at that time involving the shares of Reliance Industries' erstwhile subsidiary IPCL. After this, Reliance Petroinvestments had approached SAT (Securities Appellate Tribunal), which has now observed that the Sebi order was "passed merely on the basis of presumption without considering the arguments advanced on behalf of the Appellant to rebut the presumption".