Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 - Stay on recovery of penalty under the order passed by Securities and Exchange Board of India on December 12, 2025 by Securities Appellate Tribunal
REFEX · price
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Refex Industries has informed the exchanges that the Securities Appellate Tribunal (SAT) has granted a stay on the recovery of a penalty that was imposed on the company by SEBI through an order dated December 12, 2025. This means the company does not have to immediately pay the penalty amount while it challenges the SEBI order before SAT. The original SEBI order and the penalty itself remain in force, but the recovery (collection of the money) is paused until the appeal is heard. The company will now proceed with its appeal on the merits of the case before SAT. Details of the original SEBI order, the exact penalty amount, and the alleged violations were not included in this disclosure.
Short-term relief for shareholders as the company avoids an immediate cash outflow for the penalty. The underlying SEBI order and penalty are not quashed, only the recovery is stayed, so the final outcome of the SAT appeal remains a key risk to watch.