RaboBank not a Promoter of Yes Bank
Limited
Introduction
The Securities Appellate Tribunal
("SAT") in its recent ruling in the
matter of Enam Securities Private Limited1 v.
the Securities and Exchange Board of India
("SEBI") has set
aside2 the order dated December 31, 2010 passed by the
Adjudicating Officer of SEBI ("SEBI
Order")3 vide which a penalty of INR 2.5
million was imposed on Enam Securities Private Limited
("Enam") for violation of Regulation 13
of SEBI (Merchant Bankers) Regulations, 1992 read alongwith
relevant provisions of the erstwhile SEBI (Disclosure and Investor
Protection) Guidelines, 2000 ("DIP
Guidelines").
Facts
An appeal challenging the SEBI Order was filed before the SAT,
by Enam and consequently the following observations made under the
SEBI Order were examined by and challenged before the SAT:
