Securities Appellate Tribunal Stays Sebi Order Barring Brokerage Firm from New Business

The Securities Appellate Tribunal (SAT) has stayed a Securities and Exchange Board of India (Sebi) order that barred Prabhudas Lilladher from new business for seven days. SAT cited the short duration of the ban, suggesting it could be imposed later if the appeal fails. Sebi had imposed the ban due to alleged lapses in market-risk and investor-protection rules, including negative client fund G-values and misreporting of exposures. Prabhudas Lilladher argued for a penalty instead of a ban, citing its long history without similar violations.