SEBI Reduces Arun Panchariya Penalty to ₹20 Lakh

SEBI final order reduces penalty on Arun Panchariya to ₹20 lakh for involvement in Winsome Yarns' fraudulent GDR issue.
Order follows SAT remand directing penalty recomputation, citing lack of money trail evidence for second leg of transaction.
Noticee's role in first leg of GDR fraud upheld, but connection to entities liquidating shares in India not conclusively proven.