The Securities Appellate Tribunal (SAT) has criticized the Securities and Exchange Board of India (Sebi) for a ‘lackadaisical approach’ in the matter concerning Atul and Rahul Kirloskar of Kirloskar Industries. Despite SAT quashing a Sebi order in October 2022, the National Securities Depository (NSDL) did not defrost their holdings. SAT directed Sebi to pay a cost of Rs 5 lakh for the delay, citing a blame game between Sebi and NSDL. The tribunal noted Sebi’s apathy in taking follow-up action, emphasizing the need for timely responses. The Kirloskar brothers’ shares were only defrosted after they filed applications with the tribunal.
SAT Rebukes Sebi, Orders Rs 5 Lakh Payment for ‘Lackadaisical Approach’ in Kirloskar Industries Case
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