SAT upholds SEBI order against Angel Broking

The Securities Appellate Tribunal (SAT) has upheld the Securities and Exchange Board of India’s order against Angel Broking in case related to violations of stock broker norms and fraudulent dealings in shares of Sterling Green Woods. SEBI, in December, 2013, had levied a total penalty of Rs.3000000 on Angel Broking and its client Angel Infin for executing self-trades in shares of Sterling Green Woods, back in 2009. Angel Infin had subsequently merged with Angel Broking. Following SEBI ruling, Angel Broking had challenged the market regulator’s order in the case before the tribunal. — PTI