M/S. Indovision Securities Ltd. vs Sebi

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision : 02.09.2022 Misc. Application No. 904 of 2022 (Exemption Application) And Misc. Application No. 905 of 2022 (Delay Application) And Misc. Application No. 906 of 2022 (Urgency Application) And Appeal No. 526 of 2022 M/s. Indovision Securities Ltd. "Mangalam", Block - 'B', Suite No.-lA, 1st Floor, 24 & 26, Hemanta Basu Sarani, Kolkata - 700 001. ....Appellant Versus National Stock Exchange of India Ltd. Exchange Plaza, Block G, C 1, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. ... Respondent Dr. Anurag Kumar Agarwal, Advocate with Mr. Prateek Agarwal, Advocate for the Appellant. Mr. Zal Andhyrarujina, Senior Advocate with Mr. Rashid Boatwalla, Mr. Juan D'Souza, Advocates i/b MKA & Co. for the Respondent. 2 CORAM : Justice Tarun Agarwala, Presiding Officer Justice M. T. Joshi, Judicial Member Ms. Meera Swarup, Technical Member Per : Justice Tarun Agarwala, Presiding Officer (Oral) 1. There is a delay of 58 days in the filing of the appeal. For the reasons stated in the application, the delay is condoned. Misc. Application is allowed.

2. We have heard the learned counsel for the parties. The appellant has challenged the order dated September 20, 2021 by which the committee has expelled the appellant as a member of the stock exchange. By another order of July 22, 2022, the request of the appellant for readmission as a member was declined. 3. Without going into the merits and demerits of the expulsion order, we are of the opinion that the request of the appellant for readmission as a trading member has been declined without giving any reason. We are of the opinion that the reasons as brief as possible should be provided. 4. We accordingly set aside the order dated July 22, 2022 and direct the committee to pass a reasoned and speaking order as early as 3 possible on the application of the appellant for readmission as a member. 5. This order will be digitally signed by the Private Secretary on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Certified copy of this order is also available from the Registry on payment of usual charges. Justice Tarun Agarwala Presiding Officer Justice M. T. Joshi Judicial Member Ms. Meera Swarup RAJALA Digitally by signed Technical Member 02.09.2022 KSHMI NAIR RAJALAKSHMI H Date: 2022.09.05 H NAIR 17:06:01 +05'30' PTM