Inside Sebi's 30-month investigation

Though independent directors do not oversee a company's daily operations, Sebi has said that there is direct evidence of their involvement in the scam.

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"Sebi has made the independent directors Priya Saraf and Pradeep Kumar Saraogi prima facie guilty as their physical computer systems were used for trading. If found guilty, they should be made personally liable," said Tushar Ajinkya, managing partner at ThinkLaw, a Mumbai-based law firm.

Emails sent to Salasar Stock Broking's directors (Kiran Kumar Sonthalia and Shyam Saraogi), Rachit Poddar and Anirudh Damani did not elicit a response.

ARE REFERRALS WRONG?

Was the agreement between SCPL and Motilal/Nuvama wrong? This question arises as Sebi has called the ₹8.06 crore and ₹19 crore commission income earned by Salgaocar from Motilal and Nuvama, respectively, "unlawful gain".