SAT refuses stay on UBS issue

The Securities Appellate Tribunal (SAT) on Monday declined to grant a stay on the order passed by the Securities and Exchange Board of India (SEBI) against the Swiss investment firm UBS, banning it from accessing the capital market on behalf of clients through issue of participatory notes (PNs) for one year. However, Justice Kumar Rajaratnam, Presiding Officer, SAT, asked SEBI whether the order of the regulator could be converted to a monetary penalty and whether the period of the ban could be reduced.