SAT stays SEBI order barring Future, Kishore Biyani from dealing in securities market

The Securities Appellate Tribunal (SAT) has stayed a recent order passed by the Securities and Exchange Board of India (SEBI) barring Founder and CEO of Future Group Kishore Biyani from dealing in the securities market for one year..The SEBI order dated February 3 will be stayed provided Biyani and the others deposit a sum of Rs. 11 crore within four weeks. The SAT order passed by a Bench headed by Justice Tarun Agarwala states that this amount will be kept in a separate interest bearing account and will be subject to final disposal of the appeal..The matter will be listed for final disposal on April 12..Biyani-owned Future Corporate Resources and other appellants were represented by Advocates Somasekhar Sundaresan and Yugandhara Khanwilkar, along with a team of lawyers from Trliegal headed by Partners Shruti Rajan and Harsh Jain.SEBI was represented by Senior Advocate Ravi Kadam and Advocates Anubhav Ghosh and Ravishekhar Pandey from The Law Point..Biyani and three others have also been prohibited from buying, selling, or otherwise dealing in securities of Future Retail Limited for two years. A penalty of more than Rs. 20 crore along with interest was imposed on Biyani, Future Retail, and others..SEBI found that Biyani and others traded in shares of Future Retail through a group company on the basis of unpublished price sensitive information before a demerger of certain businesses of Future Retail that pushed its share price higher..The insider trading is said to have taken place in 2017, when Biyani and others traded in the shares of Future Retail pertaining to the demerger between Future Retail and two other private entities - Bluerock eServices and Praxis Home Retail..[Read order]