SC backs SAT decision to quash Sebi penalty on Mukesh Ambani

The Supreme Court (SC) on Monday dismissed a plea filed by Sebi against a Securities Appellate Tribunal order which set aside the penalty imposed by the market regulator on RIL chairman Mukesh Ambani and two other entities in a case related to alleged manipulative trading in shares of the erstwhile Reliance Petroleum Ltd (RPL) in November 2007.

A bench of Justices J B Pardiwala and R Mahadevan said it was not inclined to interfere with the order passed by SAT.

"Impugned order was passed in 2023 which was challenged in 2023 and after one year, now the matter is being circulated."

"No question of law involved in this appeal warranting our interference. Dismissed. You can't chase a person like this for years," the bench said.

Sebi had moved the top court against the December 4, 2023, order of the Securities Appellate Tribunal (SAT).

The SAT ruling came after all the entities appealed before the tribunal against the order passed by the Securities and Exchange Board of India (Sebi) in January 2021.