Read the article "‘Heard on Street’ information is not Unpublished Price Sensitive Information. Securities Appellate Tribunal sets aside SEBI’s orders", authored by Milind Jha, Partner, Jimit Shah, Associate Partner and Tamilarasi Mudaliar, Associate.
“SAT’s order is pragmatic and a step in the right direction as it not only removes the incongruities arising out of the Orders of SEBI but also allays the fears of the genuine and innocent market participants. It also stands true to one of the basic principles of the Constitution of India that a person should not be held guilty only basis assumptions and preponderance of probability. Holding the Appellants guilty basis the only finding of the AO would have been miscarriage of justice.”
Read more here.