[aaykarbhavan] Business standard news updates 23-10-2013

SAT upholds Sebi order against Angel Broking
circular trades. PRESS TRUST OF INDIA


Mumbai, 22 October

The Securities Appellate Tribunal ( SAT) on Tuesday upheld the
Securities and Exchange Board of India ( Sebi) order against Angel
Broking in a case related to fraudulent trade practices in Sun Infoway
shares but granted a fourweek stay on the implementation of the order.

Earlier this year, Sebi had barred Angel Broking from taking up any
new assignments for specified periods after finding the broker had
executed trades on behalf its client in shares of Sun Infoway, which
were synchronised Consequently, Angel Broking had approached the
tribunal challenging Sebi's order. In its order on Tuesday, SAT said
it found " no merit in the appeal" and accordingly "dismissed" it.

Passing another order, the tribunal said it was staying the execution
of this order by four weeks on plea of the appellants.

Angel's argument that there existed nothing more than broker- client
relationship and that there is no material on record to show that it
was connected with the group is " without any merit", it observed.




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