SAT dismisses Reliance Industries' Appeal against SEBI Order The Securities Appellate Tribunal has dismissed an appeal filed by Reliance Industries Ltd., challenging a disgorgement order passed by the market regulator Securities and Exchange Board of India (SEBI). Reliance Industries had appealed against a SEBI order by which the markets regulator had directed the company to disgorge an amount of Rs. 447.27 crore, along with interest at 12%, on the grounds that the company made unlawful gains from a transaction where it offloaded 5% of its then holding in Reliance Petroleum Ltd., in March 2007. A two-member majority of the tribunal comprising MT Joshi and CKG Nair directed the oil-to-gas major to pay the disgorged amount within 60 days of the order along with 12% interest, effective from November 2007 till the actual date of payment to SEBI.