Financial crime doesn’t pay. This is obviously the message the Securities and Exchange Board of India wants to send out through its mammoth disgorgement orders. In the Satyam case, SEBI has directed Ramalinga Raju and four others to deposit with it a sum of ₹2,350 crore with interest for insider trading and unfair manipulation of the company’s financials and stock prices. Prior to this, SEBI had directed Sahara’s Subroto Roy to refund ₹24,000 crore raised through illegal debentures. With monetary penalties and securities market bans failing to deter financial frauds, it may seem in order for SEBI to force big-ticket offenders to disgorge their unlawful gains. But if such refunds are to serve............
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