SAT Sets Aside SEBI Order Which Held Prannoy Roy & Radhika Roy Liable For Insider Trading In NDTV
Live LawThe Securities Appellate Tribunal on Thursday set aside the order passed by the Securities and Exchange Board of India in November 2020 which held Prannoy Roy and his wife Radhika Roy, the former promoters of NDTV, liable for insider trading.The SEBI order had barred the Roys from buying, selling and dealing in securities directly and indirectly for a period of two. The Securities Appellate Tribunal on Thursday set aside the order passed by the Securities and Exchange Board of India in November 2020 which held Prannoy Roy and his wife Radhika Roy, the former promoters of NDTV, liable for insider trading. The SAT found that Prannoy Roy and Radhika Roy had secured pre-trade clearance from the Compliance Officer of NDTV which is an admitted fact in the show cause notice and, therefore, the trades executed by these two entities was in conformity with the NDTVs Code of Conduct and the Prohibition of Insider Trading Regulations, The SAT noted that there is no finding in the impugned order to the effect that the Compliance Office had acted improperly in granting permission to these two entities to sell during the period when the trading window was closed. The SEBI order was based on a probe conducted between September 2006 and June 2008, on a complaint against the news company.After perusing all the records, the Board held that the NDTV promoters made wrongful gains by dealing in company shares, while being in possession of Unpublished Price Sensitive Information pertaining to the proposed reorganization of the company.
History of this topic
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CBI closes 2017 probe against NDTV founders Prannoy Roy and Radhika Roy
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SAT Sets Aside SEBI Findings Of Fraud Against NDTV Promoters; Reduces Penalties Imposed For Non-Disclosure Of Loan Agreement
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Supreme Court Exempts NDTV Promoters Prannoy Roy & Radhika Roy From Making Deposit Before SAT For Hearing Appeals Against SEBI Penalty
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Appeal Against SEBI Order- NDTV Promoters To Deposit 50% Of The Amount To SEBI Within 4 Weeks: Securities Appellate Tribunal
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Bombay HC Dismisses Challenge By NDTV Promoters Prannoy Roy & Radhika Roy Against SEBI Notices
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NDTV promoters Prannoy, Radhika Roy move HC challenging SEBI show-cause notice for insider trading
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SAT upholds SEBI penalty of ₹2.10 crore on NDTV, ₹3 lakhs each on 3 directors for not disclosing tax demand on time
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NDTV to file appeal against Sebi order imposing Rs 12 lakh fine for disclosure lapses
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SAT stays SEBI's order barring NDTV promoters from key posts
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SAT stays Sebi ban on NDTV promoters Prannoy and Radhika Roy; next hearing on 16 September
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Sebi imposes Rs 12 lakh fine on NDTV for disclosure lapses
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Sebi bars NDTV promoters Prannoy Roy, Radhika Roy from capital markets for 2 years
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