The meeting may also discuss two cases — one involving refund of investors’ money by the Sahara group and the other about Reliance Industries’ appeal against its decision on settlement of cases through consent mechanism, a senior official said.
RIL has approached the Securities Appellate Tribunal against SEBI with regard to the regulator’s decision to reject its plea to settle an alleged insider trading case through consent mechanism. Under the consent mechanism, the ongoing investigations by SEBI can be settled after payment of certain charges and the ill-gotten gains, if any, without admission or denial of wrongdoings by the concerned entities. However, SEBI changed its consent framework regulations in May 2012, pursuant to which it found many applications, including RIL’s, unsuitable for settlement through this mechanism.
In the Sahara case, SEBI has been asked by the Supreme Court to facilitate refund of thousands of crores of money collected by two group companies from close to three crore bondholders.
Besides, SEBI would also discuss the issues surrounding the deadline for meeting minimum public shareholding of 25% by private sector companies by June 2013 and that of 10% by public sector units by August this year.