The Securities Appellate Tribunal (SAT) has set aside earlier directions passed by SEBI against former CNBC Awaaz anchor Hemant Ghai and his family members.

In a relief for Ghai, SAT order on Friday set aside the restriction on buying, selling or dealing in the securities market, either directly or indirectly.

It has also removed restrictions on any activity related to giving investment advice, sell or buy recommendations and publishing of research reports.

SAT said any restrictions placed by the Securities and Exchange Board of India on any bank account and/or demat account of Ghai and family shall be lifted immediately.

On July 22, the regulator had disposed off its February 24 show-cause notice against Hemant Ghai and his two family members and ordered fresh investigation.

Mustafa Doctor, Senior Advocate Ravichandra S Hegde, Abhineet Sharma, Parinaz Bharucha, Samyak Pati, Vishal Khanavkar,advocates from Parinam Law Associates represented Ghai and his family.

“The directions issued against Ghai and family to cease and desist, directly or indirectly, any activity related to giving investment advice, sell or buy recommendations, publishing of research reports etc., related to the securities market is set aside,” SAT said in an order dated August 25 and released on Friday.

“Considering the facts and circumstances of the present case and the fact that reinvestigation has already been ordered by the WTM of SEBI, the amount of ₹2.95 crore shall remain in the escrow account during the pendency of the investigation. In the event, that the investigation exceeds beyond the timeline given in the impugned order of July 22 it would be open to the appellants to move an appropriate application for reconsideration of this direction,” ruled SAT.

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