Ise Dealers Association Through ... vs Sebi

Date of Decision: 26.2.2018

Misc. Application No.12 of 2018 And Appeal No.12 of 2018

ISE Dealers Association Through Rajendra M. Jain The Members of their Managing Committee C/o. ANG Financial Consultants Pvt. Ltd., 703, Meadows, Sahara Plaza Complex, Andheri-Kurla Road, Andheri (E), Mumbai - 400059. ..... Appellant

Versus

1.

Securities and Exchange Board of India SEBI Bhavan, Plot No.C4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051. ... Respondent

2. Inter-connected Enterprises Ltd.

(Erstwhile known as Inter-connected Stock Exchange of India Ltd) International Infotech Park, Tower No.7, 5th Floor, Sector-30, Vashi, Navi Mumbai- 400 703 Maharashtra.

Mr. Sandeep Jalan, Advocate for the Appellant.

Mr. Gaurav Joshi, Senior Advocate with Mr. Tomu Francis and Mr. Vivek Shah, Advocates for the Respondent no.1. Mr. Rajesh Khandelwal, Advocate with Mr. Ashok Lunia i/b. Juris Link for Respondent no.2

CORAM : Justice J. P. Devadhar, Presiding Officer Dr. C.K.G. Nair, Member 2

Per : Justice J. P. Devadhar (Oral)

1. Appeal no.12 of 2018 is filed to challenge the order passed by the

Whole Time Member of Securities and Exchange Board of India (SEBI for

short) on December 8, 2014. Misc. Application No.12 of 2018 is taken out

seeking condonation of 1035 days delay in filing the appeal against the

order dated December 8, 2014.

2. Basic contention of the appellants is that after the impugned order

dated December 8, 2014 the appellants have made several representations

to the Respondent nos. 1 and 2 against the impugned order. It is also

submitted that the appellants made representation to the Chairman of the

Finance Committee, Ministry of Finance, Government of India. It is prayed

that since the order passed by SEBI is without jurisdiction the delay of

1035 days in filing the appeal be condoned.

3. We see no merit in the above contentions.

4. By the impugned order SEBI permitted the Interconnected Stock

Exchange of India Ltd. to exit as a Stock Exchange and further directed for

compliance of the obligations set out therein. It is not in dispute that the

impugned order has already been implemented and the Interconnected

Stock Exchange of India Ltd has ceased to be a Stock Exchange long ago.

In these circumstances, in our opinion it is a futile attempt made by the

appellant to challenge the impugned order at this belated stage when the

said order is already implemented long ago and it is irreversible.

5. In the result, we see no reason to condone the delay. However, we

make it clear that it would be open to the appellant to seek redressal of the

grievance if any, against the respondent no.2 by initiating appropriate

proceedings. Accordingly, the Misc. Application is dismissed. In view of 3

the dismissal of the Miscellaneous Application, the appeal becomes

infructuous and the same is disposed of accordingly with no order as to

costs.

Sd/-

Justice J. P. Devadhar Presiding Officer

Sd/-

Dr. C.K.G. Nair Member

26.2.2018 Prepared and compared by RHN