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Samir Arora 'honourably' acquitted

Samir Arora, former CIO of Alliance Capital, has been acquitted of the charges that SEBI had levelled against him. Arora, who had been banned from participating in the securities market by SEBI for five years, was 'honourably' acquitted by the Securities Appellate Tribunal (SAT) in a judgement today. He was charged with insider trading, price manipulation and acting illegally while trying to conduct a management buy-out of Alliance Capital India. SEBI has been widely accused of taking knee-jerk actions that cannot later be justified. Today's judgement appears to be yet another such case.

Samir Arora, former CIO of Alliance Capital, has been acquitted of the charges that SEBI had levelled against him. Arora, who had been banned from participating in the securities market by SEBI for five years, was 'honourably' acquitted by the Securities Appellate Tribunal (SAT) in a judgement today. He was charged with insider trading, price manipulation and acting illegally while trying to conduct a management buy-out of Alliance Capital India. SEBI has been widely accused of taking knee-jerk actions that cannot later be justified. Today's judgement appears to be yet another such case.