Sebi Moves SC Against SAT Relief to FT, the Kudvas

Sebi has moved the Supreme Court against the order of the Securities Appellate Tribunal (SAT) in the Franklin Templeton case.

The regulator has also challenged the tribunal’s decision to grant an stay on its order alleging indulgence in unfair trade practices by Franklin Templeton’s Asia Pacific head Vivek Kudva and his wife, Roopa Kudva, MD, Omidyar Network India. The regulator had banned the couple from accessing the securities market for a year.

Last month, the appeals body had also stayed the Sebi order that barred the fund house from launching debt schemes for two years.

The tribunal had asked the asset manager to deposit Rs. 250 crores within three weeks into an escrow account and inform the regulator about it. After that, the penalty of Rs. 5 crores that Sebi had imposed on Franklin would be stayed.

The SAT had also directed the Kudvas to retain the entire disgorgement amount in an escrow account and also deposit 50% of the penalty amount with three weeks. S-ET

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