Sebi to review order in Rathi case by
Apr 16
The Securities and Exchange Board of India on Tuesday declared before the Bombay high court that it would review by April 16 its order to determine whether former Bombay Stock Exchange president Anand Rathi should be restrained from trading or he should be allowed to conduct business on the bourse subject to certain conditions.
Sebi counsel Goolam Vahanvati informed the high court that the regulatory body would review its order by April 16 and take a decision thereon by April 23.
Justice Ajit Shah was hearing a petition filed by Rathi challenging Sebi's decision to debar him and his firms from trading on the ground that he has 'misused' his position as BSE president to obtain 'inside' information of select scrips from the surveillance department on March 2.
The judge inquired from Rathi's counsel whether he would prefer a ruling on the petition at this juncture or would wait for Sebi to review its order. The petitioner replied that he would chose the latter.
Accordingly, the petition was adjourned to April 24 by which time Sebi's decision of reviewing its order would be known.
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