SAT to hear RIL appeal against SEBI in ₹2,000 crore Reliance Petroleum case

The Securities and Appellate Tribunal (SAT) will on Wednesday hear an appeal filed by Reliance Industries Ltd (RIL) against market regulator SEBI, in a matter involving a ban on the company from trading in the derivatives segment, imposed in relation to violations during a deal involving Reliance Petroleum.

SEBI had also ordered disgorgement of ₹2,000 crore on RIL, meaning the company was suppose to deposit that amount with the regulator for distribution to investors who suffered losses in market due to RIL.

Harish Salve, senior Supreme Court lawyer, had argued in the SAT that SEBI cannot cannot initiate penal proceedings against RIL when the company had challenged the original order of the regulator passed in March 2017. The SAT, however, had said that it would not entertain a miscellaneous plea by RIL but would hear the company’s appeal against SEBI’s order of March 2017.