SEBI circulars do not permit a member of exchange to borrow funds from a group company: SAT

COMPANY LAW/SEBI : Where appellant, a member of stock exchange, obtained loan from its group entity which was not permitted under SEBI circulars, SEBI Stock Exchange Committee was right in excluding said funds while calculating exposure limit while granting margin trading facility and holding on that basis that appellant had granted an excess exposure and, thus, liable to be imposed certain monetary penalty

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