SAT Quashes SEBI’s Penalty On Jio Financial Services

SAT Quashes SEBI’s Penalty On Jio Financial Services

SUMMARY

A bench comprising Justice Tarun Agarwala and Presiding Officer Meera Swarup quashed the fine saying that the markets regulator has not considered the evidence properly

The penalty was quashed in response to an appeal filed by JFS against an order passed by the SEBI in June this year, which slapped a penalty of INR 7 Lakh on the company

The case pertained to alleged manipulation in certain trades in long-dated Nifty options between the then Reliance Strategic Investments and Morgan Stanley France SA back in 2017

The Securities Appellate Tribunal (SAT) on Wednesday (December 13) overruled an INR 7 Lakh penalty imposed by the Securities and Exchange Board of India (SEBI) on Jio Financial Services (JFS). 

The case pertained to alleged manipulation in certain trades in long-dated Nifty options between the then Reliance Strategic Investments and Morgan Stanley France SA (MSF) back in 2017. 

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