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The Securities Appellate Tribunal (SAT) has reportedly stayed the INR 30 Lakh penalty imposed by the Securities and Exchange Board of India (SEBI) on Reliance Industries Ltd (RIL) over social media giant Facebook’s investment in Jio Platforms in 2020.
“We stay the effect and operation of SEBI’s 20 June order and list it for final disposal on December 12th,” a SAT bench led by Justice Tarun Agarwala was quoted as saying. The Securities Appellate Tribunal also ordered the market regulator to file a response in the case. SEBI had previously fined RIL and two of its compliance officers INR 30 Lakhs for violating disclosure rules in the $5.7 billion Facebook-Jio deal.
