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Friday, March 05, 2021

SAT stays Sebi ban on Biyani, other Future Group promoters

Securities Appellate Tribu­nal has also directed the Future Group promoters to deposit a sum of Rs 11 crore as an interim measure.

By: ENS Economic Bureau | New Delhi |
Updated: February 17, 2021 1:18:29 am
Future group promoter Kishore Biyani (Express Photo by Ashwin Sadhu)

The Securities Appellate Tribu­nal (SAT) has stayed the order passed by market regulator Sebi that had put a one-year ban on Future Retail Chairperson Kishore Biyani and some other promoters from the securities market. SAT has also directed the Future Group promoters to deposit a sum of Rs 11 crore as an interim measure.

Future Corporate Resources Private Limited (FCRPL), in a statement, said that in a hearing held on February 15, the SAT stayed the effect and operation of Sebi’s order accusing the promoters of the Future Group of insider trading in the context of purchases of Future Retail shares made in March 2017.

The case will next be heard on April 12 by the tribunal. On Febru­ary 3, the Securities and Exchange Board of India (Sebi) had barred Kishore Biyani and certain other promoters of Future Retail Ltd for indulging in insider trading.

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