The Securities Appellate Tribunal (SAT) has set aside the Securities and Exchange Board of India’s (Sebi’s) order penalising 22 entities, including Gujarat Chief Minister Vijay Rupani’s Hindu Undivided Family (HUF), for alleged manipulative trades in Sarang Chemicals.

In an order dated November 8, the SAT, which hears appeals from parties aggrieved by Sebi orders, directed the market regulator to issue a fresh order in the matter after hearing all the parties. Akash Harishbhai Desai, one of the 22 entities charged by Sebi, filed a plea before the SAT, seeking relief ...