SAT Allows Sebi to levy higher penalty on Icra
The Securities and Exchange Board of India (Sebi) has the power to enhance penalties and levy higher penalty than what was originally imposed, the Securities Appellate Tribunal (SAT) has ruled. The tribunal was hearing a petition filed by Icra Ltd against a second showcause notice issued by Sebi on 28 January seeking to increase the penalty amount. The credit rating agency filed a plea before SAT seeking a stay on the proceedings.