Sebi moves SC against SAT relief to FT, the Kudvas

Sebi moves SC against SAT relief to FT, the Kudvas

The Securities and Exchange Board of India(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 stay to Franklin Templeton’s Asia Pacific (APAC) head, Vivek Kudva and his wife Roopa Kudva, managing director at Omidyar Network India, for indulging in alleged unfair trade practices.

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 crore within three weeks into an escrow account and inform the regulator about it. After that, the penalty of Rs 5 crore that Sebi had imposed on Franklin Templeton 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 within three weeks.

The tribunal had listed both the appeals of Franklin Templeton and the Kudvas against the Sebi order for final hearing on August 30.

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