The Securities and Appellate Tribunal (SAT) has quashed an order by the Securities and Exchange Board of India (SEBI) against Prannoy Roy and Radhika Roy, founders of NDTV.
SAT overturned the order, asserting that the information scrutinised by SEBI lacked price-sensitive implications, and the Roys were not insiders, according to media reports.
In 2020, SEBI issued an order which alleged insider trading in NDTV shares by the couple.
They were barred from accessing the securities market and were further forbidden from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner.
The issue is related to the trades carried out between September 2007 and April 2008, with allegations of an illicit gain of nearly Rs 17 crore.
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