Mehta Equities Limited vs Sebi

Date of Decision : 30.01.2023

Appeal No. 30 of 2022

Mehta Equities Limited Through its Chairman Mr. Rakesh Mehta Having office at Office No. 609, Arun Chambers Near A.C. Market, Tardeo, Mumbai. .....Appellant

Versus

1.

Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051.

2. Bombay Stock Exchange Limited CIN L67120MH2005PLC155188 Firoz Jijabhai Tower, Dalal Street, Mumbai - 400 001.

3. Mr. Deepakbhai Gaudani

4. Mrs. Rasilaben Gaudani

C/o. of Way2Wealth Brokers Pvt. Ltd. All having office at 4th Floor, Spectrum Tower, Mindspace, Chincholi Bunder Road, Malad (West), Mumbai - 400 064.

5. Way2Wealth Brokers Pvt. Ltd. 4th Floor, Spectrum Tower, Mindspace, Chincholi Bunder Road, Malad (West), Mumbai - 400 064. ... Respondents 2

Mr. Tomu Francis, Advocate with Ms. Zarnaab Aswad, Advocate i/b Khaitan & Co the Respondent No. 2 (BSE Limited).

Mr. Mihir Mody, Advocate with Mr. Arnav Misra and Mr. Mayur Jaisingh, Advocates i/b. K Ashar & Co. for the Respondent.

CORAM : Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member

Per : Justice Tarun Agarwala, Presiding Officer (Oral)

1. We have heard the learned counsel for the parties. The

appellant has prayed that the transaction which was done on

the platform of the Stock Exchange on May 4, 2017 be

declared null and void and that the Bombay Stock Exchange

Limited should be directed to release a sum of

Rs. 19,81,815.70 along with interest @ 24% per annum and

further direct that the Respondent nos. 3, 4 and 5 be jointly

and severally liable to pay a sum of Rs. 15,378/-.

2. We find that pursuant to the circular of Securities and

Exchange Board of India ('SEBI' for short) dated July 16,

2015 the annulment of trades can only be questioned if a

request is made within 30 minutes from the date of the

occurrence of the trade. In the instant case protest, if any, was

made much later. Consequently, no relief can be granted to 3

the appellant through the Stock Exchange platform. The

appeal fails and is dismissed leaving it open to the appellant

to pursue his remedy before the appropriate forum.

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 this order is also available from the Registry

on payment of usual charges.

Justice Tarun Agarwala Presiding Officer

Ms. Meera Swarup Technical Member

30.01.2023 MADHUKAR SHAMRAO Digitally signed by MADHUKAR SHAMRAO BHALBAR

msb BHALBAR Date: 2023.01.31 15:31:17 +05'30'