Prove charges against Factorial: SAT to Sebi

The Securities Appellate Tribunal (SAT) has asked the Securities and Exchange Board of India (Sebi) to provide proof of its insider trading charges against Hong Kong-based Factorial Capital Management within two months. The tribunal said Sebi would need to either bring formal charges within two months or allow Factorial to resume trading Indian securities. Factorial has been barred from markets in a major insider trading case involving shares of Land T Finance. Sebi, which informed the Tribunal that its probe was at a “crucial stage”, has also been asked to issue a show-cause notice and pass an appropriate order within further one month thereafter if the findings of the investigation demands so. [related-post] If Sebi fails to comply with the timeline, its directive barring Factorial from capital markets will end, SAT presiding officer JP Devadhar said in his order. Factorial, founded by Barun Agarwal, was first barred by Sebi through an interim order passed in June, 2014.