The Securities Appellate Tribunal (SAT) has imposed a stay on the order of market regulator SEBI to ban Future Retail chairperson Kishore Biyani and some other promoters from the securities market. The SAT has asked the promoters of the Future Group to deposit Rs 11 crore as an interim measure.
The market regulator Securities and Exchange Board of India (Sebi) had banned Biyani and other promoters from participating in the securities market for a year.
Future Corporate Resources Private Limited (FCRPL) said in a statement that the SAT, in a hearing held on 15 February 2021, stayed the Sebi order in which the Future Group’s purchase of shares of Future Retail took place in March 2017. The promoters have been charged with insider trading.
Now SAT will hear the matter on 12 April 2021. Earlier on February 3, SEBI had barred Kishore Biyani and some other promoters of Future Retail Ltd from the securities market for one year. In addition, the regulator imposed a fine of Rs 1 crore each on Kishore Biyani, Anil Biyani and Future Corporate Resources. He was also wrongly asked to deposit a profit of Rs 17.78 crore.