Insider trading: SAT scraps Sebi’s order against Biyani

The Securities Appellate Tribunal (SAT) quashed Sebi’s order banning Kishore Biyani and other promoters from the securities market for insider trading. SAT dismissed the order, stating that the entities did not trade based on unpublished price sensitive information as it was already in the public domain through media reports. Sebi’s authorities also acknowledged that trading on information in the public domain cannot be considered as insider trading. The ruling came after the entities challenged Sebi’s order that barred them from the market for one year and imposed a fine.