According to media reports, Securities Appellate Tribunal (SAT) set aside SEBI’s order that imposed a Rs 10 lakh penalty each on SBI, Bank of Baroda (BoB) and LIC in UTI AMC's stake dilution case. In August 2020, SEBI had levied a fine of Rs 10 lakh each on SBI, BoB and LIC. This was because these 3 state-owned financial institutions failed to reduce their stake to below 10% in UTI AMC within the stipulated timeline given to them by the market regulator. According to SAT, it is a case of technical violation, and every technical violation need not be visited with a monetary penalty.