Stock market regulator Sebi today approached the Supreme Court against the order of appellate body SAT, which set aside its decision to impose penalty on Rakhi Trading for alleged rigging in derivatives trade. Sebi had imposed a penalty of Rs 1.08 crore on Rakhi Trading in March, 2009 for allegedly creating artificial volumes of Futures & Options (F&O) on the National Stock Exchange through ‘reversal of trade’ route.

Admitting the plea of the Securities and Exchange Board of India (Sebi), a bench headed by Chief Justice S H Kapadia issued notices to the trading firm.

Attorney General Goolam E Vahanvati, appearing for Sebi, submitted before the apex court that the matter requires urgent consideration as it involves fictitious trading on the stock exchange.

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