Supreme Court · 2009 INSC 576 · Decided 21 April 2009
S.E.B.I v. Saikala Associates LTD.
- Court
- Supreme Court of India
- Citation
- 2009 INSC 576 · [2009] 6 S.C.R. 798
- Case number
- CIVIL APPEAL No. 3696/2005
- Decided
- 21 April 2009
- Bench
- ARIJIT PASAYAT, LOKESHWAR SINGH PANTA (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
Headnote
Securities and Exchange Board of India Act, 1992 - ss. c 12(1) and 15T(4) - Power of Securities Appellate Tribunal - To modify penalty imposed by SEBI - Penalty of suspension of cerlificate of registration by SEBI for violation of s. 12(1) rl w r.3of1992 Rules - Modification of, to monetary was not right in modifying the D penalty · - The statute provides penalty only of suspension .. or cancellation of cerlificate of registrat'on - Tribunal being a statutory body could not have travelled beyond the scope of the statute taking shelter under a discretionary power - Securities
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