M/S Zebu Share And Wealth Management ... vs Sebi
- CitationAppeal No. 49 of 2023
Ratio decidendi
The rule this decision rests on
The Tribunal declined to interfere with an interim order of the Committee restraining registration of new clients and authorised persons pending an audit, holding that such an interim restraint, limited in duration and tied to a specified audit, does not warrant appellate interference at that stage; the appeal is disposed of by directing the Committee to consider the audit report within two weeks of its filing and to pass a reasoned order after hearing the appellant.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision: 12.01.2023
Misc. Application No. 52 of 2023 And Misc. Application No. 53 of 2023 And Appeal No. 49 of 2023
M/s Zebu Share and Wealth Management Pvt. Ltd. No. 127, 100 Feet, Bypass Road, Velachery, Chennai, Tamilnadu- 600 042 ...Appellant
Versus
National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra-Kurla Complex, Bandra (East), Mumbai- 400 051 ...Respondent
Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya - CA i/b Shah & Ramaiya, Chartered Accountants for the Appellant.
Mr. Zal Andhyarujina, Senior Advocate with Mr. Jahaan Dastur, Ms. Krushi N. Barfiwala and Mr. Shlok Bodas, Advocates i/b Parinam Law Associates for the Respondent.
CORAM: Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member
Per: Justice Tarun Agarwala, Presiding Officer (Oral)
1.
Against the order of the Member and Core Settlement
Guarantee Fund Committee ("Committee" for convenience) 2
dated December 24, 2022 the present appeal has been filed. The
impugned order is an interim order and is subject to submission
of certain audit to be conducted by the appellant as provided in
paragraph 7(b) of the impugned order. The offending portion of
paragraph 7(b) is, that the appellant is prohibited from
registering new clients and new authorised persons. This
direction is only till the appellant conduct an audit of its active
authorised persons as per Circular dated October 18, 2019 and
October 21, 2021. It has been stated that this report will be
submitted by the appellant on or before January 25, 2023.
2. In view of the aforesaid, we do not find any reason to
interfere with the interim order dated December 24, 2022 passed
by the Committee at this stage. We dispose of the appeal
directing that in the event the report is filed in terms of
paragraph 7(b) of the impugned order, the Committee will
consider the report within two weeks thereafter and pass an
appropriate order in accordance with law after affording an
opportunity of hearing. The misc. applications are disposed of
accordingly.
3. 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 3
this order is also available from the Registry on payment of
usual charges.
Justice Tarun Agarwala Presiding Officer
Ms. Meera Swarup Technical Member PRERNA Digitally signed 12.01.2023 MANISH byMANISH PRERNA KHARE PK KHARE Date: 2023.01.13 15:00:54 +05'30'
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