To
All Trading Members of the Exchange
Sub: SAT Order in respect of Dr. Jugal Kishore Satapathy in the matter of Micro Finance Limited (‘MFL’)
Attention of the trading members is invited to the Exchange Notice Nos. 20180605-31 dated June 05, 2018 wherein SEBI vide its Order no. WTM/MPB/ERO-BLO/ 15 /2018 dated June 05, 2018 had, inter-alia, directed Dr. Jugal Kishore Satapathy not to, directly or indirectly, access the securities market, by issuing prospectus, offer document or advertisement soliciting money from the public and are further restrained and prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in whatsoever manner, from the date of this Order, till the expiry of 4 (four) years from the date of completion of refunds to investors as directed in the Order.
The Hon’ble Securities Appellate Tribunal (SAT), vide its Order dated June 28, 2019, has stated that the impugned order cannot be sustained and is quashed.
This Order is effective from the date of the order.
A copy of the said Order is attached herewith and available on the SEBI website www.sebi.gov.in.
Trading members are advised to take note of the same and ensure compliance.
Shaila valsan Fahad Kapadia
Sr. Manager Assistant Manager
Surveillance Surveillance
Date: 01.07.2019
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