SAT quashes monetary penalty imposed by SEBI on bank for technical violation of regulation 7B of mutual funds norms

COMPANY LAW/SEBI : Where appellants, public sector banks, had violated regulation 7B of Mutual Fund Regulations but violation was technical violation and appellants had subsequently reduced their stake in UTI Mutual Fund below 10 per cent in terms of regulation 7B, no monetary penalty was to be imposed on appellants for such technical violation

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