Factorial Master Fund

SAT-appeal

• SAT matter SATV-A808280867927306DD3D0F4C
  Ex-parte ad-interim order dated 5 June 2014 and confirmatory order dated 16 October 2014 have come to an end · Appellant entitled to access Indian securities market in accordance with law
  Appeal: Appeal No. 391 of 2014 disposed on 8 May 2015; praecipe disposed on 8 July 2015
• SEBI alleged that Factorial Master Fund traded on UPSI concerning L&T Finance Holdings’ OFS floor price, taking an aggressive short F&O position before the announcement and reversing it through OFS purchases.
  Interim restraint against Factorial Master Fund from dealing in or accessing the Indian securities market was the subject of the appeal. · SAT considered interim relief pending final disposal of the appeal.
  Appeal: Appeal No. 391 of 2014 against SEBI WTM confirmatory order dated 16 October 2014; interim relief was heard by consent, with final merits disposal delayed by bench-composition issues.
• Alleged aggressive short sale in LTFH F&O on 13.03.2014 while in possession of UPSI about impending OFS obtained via market gauging, locking unlawful gain of Rs 20.04 crore.
  Impugned WTM order dated 08.12.2016 held unsustainable and set aside · Appeal No. 01 of 2017 allowed