The review order issued by the Securities and Exchange Board of India (SEBI) regarding Piramal Pharma is highly unusual. It deviates from standard regulatory practices by re-examining a previous ruling that cleared the company of alleged violations related to the non-disclosure of material events.
This raises questions about the implications for other listed companies, and legal experts are closely monitoring the situation to see if it will set a precedent for similar cases in the future.
Typically, review orders by SEBI result in increased penalties or further proceedings against the entities involved. However, in this case, Piramal Pharma has once again been exonerated by a whole-time member of SEBI.