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Tuesday, Dec 07, 2004

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SC admits SEBI appeal in Samir Arora case

Our Bureau

Mumbai , Dec. 6

THE Supreme Court has admitted the appeal of the Securities and Exchange Board of India (SEBI) in the Samir Arora case. The Securities Appellate Tribunal had set aside the SEBI's five-year ban on Mr Samir Arora in October.

Mr Arora, the former Chief Information Officer of Alliance Mutual Fund, was accused of professional misconduct, fraudulent and unfair trade practices and insider trading by SEBI. The SAT had found no evidence on any of these counts and had exonerated Mr Arora of all charges.

At the time of pronouncing the Tribunal's order, SEBI's counsel had asked for a six-week stay. The SAT denied this request, as there were no provisions allowing this by law.

SEBI had subsequently decided to appeal against the decision in the Supreme Court. After evaluations, the apex court on Monday admitted the case. Deliberations by both parties would now follow.

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