The Securities Appellate Tribunal (SAT) on Thursday adjourned the hearing on Reliance Industries '(RIL) appeal against market regulator Sebi till April 8, in a case related to alleged violation of insider trading norms in sale of shares of the company's erstwhile subsidiary RPL in 2007.
SAT observed that it needs more time to study the market regulator Sebi's view on the matter. The matter was last heard by SAT on February 21. RIL had approached SAT against Sebi after its application to settle the matter through a 'consent mechanism' was rejected by the regulator.
Under Sebi's consent mechanism, companies can seek to settle cases with the market regulator after payment of certain charges and disgorgement of any ill-gotten gains. RIL has challenged Sebi's decision and also the recent changes made by the regulator in regulations governing settlement of cases through the consent mechanism, especially those already under consideration.
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