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ARTICLE · 05 FEBRUARY 2018

SEBI Revokes Ex‐Parte Order

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The Securities and Exchange Board of India, in a recent order, has revoked its directions against seven former officials of Multi Commodity Exchange Ltd, for alleged involvement in insider trading.

IndiaCorporate/Commercial Law
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Introduction –

The Securities and Exchange Board of India (hereinafter referred to as 'SEBI'), in a recent order, has revoked its directions against seven former officials of Multi Commodity Exchange Ltd (hereinafter referred to as 'MCX'), for alleged involvement in insider trading.

SEBI found no merit in an ex parte order passed in the previous hearing, thereby undoing the damage and revoked the directions passed in that order.

On August 2, 2017, by an ex-parte order, SEBI had earlier held that 8 persons, who were promoters or directors or management personnel of MCX, had committed insider trading in the shares of MCX. Through this order, SEBI not only prohibited these 8 persons from dealing with their assets but also impounded what he called losses avoided by these persons.

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