The Securities Appellate Tribunal has stayed the order of market regulator SEBI suspending Anil Ambani Group's brokerage firm, Reliance Shares and Stock Broking Private Ltd for violation of norms.
"If the operation of the order is not stayed during the pendency of the appeal, the period for which the certificate has been suspended will run out and no useful purpose will be served in hearing the appeal thereafter," Justice N K Sodhi of the tribunal said.
However, he added, "If the appeal were to fail, the period of suspension would operate fresh." RSSB had appealed in the tribunal against the SEBI order suspending its registration for four months with effect from January 1, 2007.
According to the SEBI order, RSSB committed serious violations such as artificial pricing of trades, omission in mentioning relevant entries in contract notes, conversion of own trades to client trades, omission in mentioning of client ID for execution of trades, consolidation of client orders and unfair trade practices.
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