"... the investigation in the present case involves cross-border investigation and since Bloomberg terminal having its headquarter in New York City, USA has refused to share information required for the present case, SEBI has sought assistance of US Securities and Exchange Commission in the matter," as per a SAT order passed on Friday.

It was submitted before the Securities Appellate Tribunal (SAT) by the SEBI counsel that it might take at least 4-5 months for completing the investigation.

The Tribunal, which was hearing Factorial's appeal against SEBI, on Friday asked the regulator to complete its probe within two months against the Hong Kong-based hedge fund, which has
been barred from markets in a major insider trading case involving shares of L&T Finance.

SEBI, which informed the Tribunal that its probe was at a "crucial stage", has also been asked to issue a show-cause notice and pass an appropriate order within further one month thereafter if the findings of the investigation demand so.

Factorial was first barred by SEBI through an interim order passed in June 2014, followed by a confirmatory order in October that year, pending its further probe into the matter.

The fund later approached SAT against the SEBI order. The capital markets regulator had found that Factorial was involved as potential investor in the market gauging exercise undertaken by Credit Suisse (CS) as 'Seller Broker' of L&T Finance for its Offer for Sale (OFS) in March.

SEBI had found Factorial guilty of violating fraudulent and unfair trade practices regulations, saying it traded on the basis of its access to unpublished price sensitive information (UPSI).

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