Nimain Charan Biswal vs Sebi

Date of Decision : 14.07.2016

Appeal No. 204 of 2016 Nimain Charan Biswal C-301/302, Lake Lucerne, Phase-3, Lake Homes, Powai, Mumbai - 400 076. ...Appellant

Versus

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

Dr. Nimain Charan Biswal, Appellant in person.

Mr. Aditya Chitale, Advocate with Mr. Anubhav Ghosh, Advocate i/b The Law Point for the Respondent.

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

Per : J.P. Devadhar (Oral)

1.

This appeal is filed to challenge the order passed by the Whole Time

Member ('WTM' for short) of Securities and Exchange Board of India

('SEBI' for short) on June 2, 2016. By that order several entities including

the appellant have been restrained from accessing the securities market for a

period of 4 years from the date specified therein. It is not in dispute that in

so far as appellant is concerned the decision of the WTM of SEBI travels

beyond the Show Cause Notice ('SCN' for short) and beyond the interim

order passed against the appellant.

2. Where the impugned order goes beyond the SCN then, that order

cannot be sustained and in such a case, the proper course is to set aside the

said order and restore the matter to the file of WTM of SEBI for passing

fresh order on merits and in accordance with law. 2

3. Accordingly, the impugned order dated June 2, 2016 is quashed qua

the appellant and restored to the file of WTM of SEBI for fresh decision on

merits and in accordance with law.

4. The WTM of SEBI is directed to hear the appellant and pass order

thereon as expeditiously as possible and in any event within a period of two

months from today.

5. Appeal is disposed of in the above terms with no order as to costs.

Sd/-

Justice J.P. Devadhar Presiding Officer

Sd/-

Jog Singh Member

Sd/-

Dr. C.K.G. Nair Member

14.07.2016 Prepared and compared by:

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