Sebi fined for 'Lackadaisical' approach in Kirloskar case

economictimes.indiatimes.com:

SAT) reprimanded Securities and Exchange Board of India (Sebi) for not lifting the freeze on the trading accounts of five members of the Kirloskar family despite its directive last year. The tribunal imposed a ₹5 lakh fine on the capital market regulator for its «lackadaisical» approach in complying with its October 2022 directive.

While Sebi argued that it had directed NSDL to unfreeze the demat accounts, NSDL claimed that it didn't receive any guidance from Sebi.

«This lackadaisical approach by Sebi is contrary to spirit of Sebi Act...we find that the interest of the investors, namely, the appellants were least considered and apathy was writ large,» read the SAT order.
In October 2020, Sebi had restrained the five Kirloskar members from accessing the securities market for six months for alleged acts of fraud while selling the shares of Kirloskar Brothers to Kirloskar Industries in 2010.

The order was challenged by the aggrieved parties and subsequently SAT stayed Sebi's directive on condition they would not sell shares of Kirloskar for «convenience». Despite SAT's directive, Kirloskar members' shares in Kirloskar remained frozen.