The Securities Appellate Tribunal (SAT) has dismissed an appeal filed by Reliance Industries (RIL) against a March 2017 disgorgement order passed by Sebi.

The tribunal on Thursday said there was no question of the regulator’s direction to disgorge over Rs 447 crore being “harsh or a penal action” as it was an equitable remedy.

Sebi’s order had pertained to the sale of Reliance Petroleum Ltd’s (RPL) shares by RIL in November 2007.

“Nothing has been taken out of the appellant’s own funds/assets in the process. Since it is only an equitable remedy there is no question of that being harsh or a penal action,” the majority order by the two members — C K G Nair and M T Joshi — said.

RIL on Thursday said it will challenge in the Supreme Court the dismissal of its plea by the SAT.

“The company will examine the order passed by the SAT. All trades carried out by the company were genuine and bona fide. No irregularity can be attached to these transactions. The company, under proper legal advice, will prefer an appeal to the Supreme Court of India and is confident of vindicating its position,’’ RIL said in a regulatory filing on the bourses.

The whole-time member of Sebi had in the 2017 order prohibited RIL and 12 other entities from dealing in equity derivatives in the F&O segment of the stock exchanges, directly or indirectly, for a period of one year from the date of the order.

It also directed RIL to disgorge an amount of Rs 447.27 crore along with interest of 12 per cent per annum with effect from November 29, 2017 onwards till the date of payment.