Ramalinga Raju of Satyam.

The Securities Appellate Tribunal (SAT) on Thursday set aside Sebi's order banning Satyam Computer's B Ramalinga Raju, B Rama Raju and others from securities markets for 14 years.

Along with this, the Appellate Tribunal also directed the Securities and Exchange Board of India (SEBI) to issue a new order in this 14-year-old matter.

Two orders of SEBI in the year 2018 were challenged by six people in SAT.

In these orders, these people associated with Satyam Computer were barred from being part of the securities market for 14 years.

The Securities Appellate Tribunal termed SEBI's approach as flawed and said that the reason behind the ban of 14 years was not given.

Along with this, he canceled both the orders and asked to pass a new order within four months.

The market regulator had taken this action in the case of Satyam Computer Services promoters Ramalinga Raju and Rama Raju for fudging financial statements and making illegal profits through insider trading.

Apart from the Raju brothers, B Suryanarayana Raju and SRSR Holdings were accused of rigging Satyam Computer shares on the basis of sensitive information.

The Satyam scam came into limelight in January 2009.

At that time Ramalinga Raju, chairman of Satyam Computer, had accepted the rigging of the company's accounts.

SEBI, in an order passed on October 16, 2018, banned V Srinivas and G Ramakrishna from the securities market for seven years.

Both were also asked to return Rs 15.65 crore and Rs 11.5 crore earned illegally.

Sebi, in another order passed on November 2, 2018, banned Ramalinga Raju, Rama Raju, Suryanarayana Raju and SRSR Holdings for 14 years.

Apart from this, he was also ordered to return Rs 813 crore earned illegally.

In both these orders, SEBI had asked to return the illegally collected amount with 12 percent interest from the date of January 7, 2009.

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