In fact, some top examples are as follows – SAT had set aside SEBI’s order suspending the registration of broking
firm First Global Stock Broking. SAT had also set aside SEBI’s order banning the former Chief Investment Officer of Alliance Mutual Fund, Sameer Arora, from dealing in the securities market for five years (SAT even verbally humiliated then SEBI chief G.N. Bajpai for his public statements against Sameer Arora, while the matter was being investigated).
This at a time when the US Corporate Fraud Task Force, in the past five years, has succeeded in superbly convicting a total of 214 CEOs & Presidents, 53 CFOs, 23 Corporate Counsels or attorneys, & 129 Vice Presidents. Each one of the high profile convictions of SEC (from Kenneth Lay to Computer Associates) has resulted in jail terms exceeding an average of ten years! Now digest this. Any party aggrieved by SAT’s orders can file an appeal within 60 days (Section 15Z). In the last year, guess which was that one entity that filed 83% of all the appeals against SAT rulings? Of course, SEBI! Bow down your heads, guys!
firm First Global Stock Broking. SAT had also set aside SEBI’s order banning the former Chief Investment Officer of Alliance Mutual Fund, Sameer Arora, from dealing in the securities market for five years (SAT even verbally humiliated then SEBI chief G.N. Bajpai for his public statements against Sameer Arora, while the matter was being investigated).This at a time when the US Corporate Fraud Task Force, in the past five years, has succeeded in superbly convicting a total of 214 CEOs & Presidents, 53 CFOs, 23 Corporate Counsels or attorneys, & 129 Vice Presidents. Each one of the high profile convictions of SEC (from Kenneth Lay to Computer Associates) has resulted in jail terms exceeding an average of ten years! Now digest this. Any party aggrieved by SAT’s orders can file an appeal within 60 days (Section 15Z). In the last year, guess which was that one entity that filed 83% of all the appeals against SAT rulings? Of course, SEBI! Bow down your heads, guys!
For Complete IIPM Article, Click here
Source: IIPM Editorial, 2008
An IIPM and Management Guru Prof. Arindam Chaudhuri's Initiative
Source: IIPM Editorial, 2008
An IIPM and Management Guru Prof. Arindam Chaudhuri's Initiative
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