Puneet Nikore vs Sebi

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date: 04.02.2021

Misc. Application No. 92 of 2021 IN Appeal No. 139 of 2020

Puneet Nikore ...Appellant/Applicant

Versus

Securities and Exchange Board of India ...Respondent

Ms. Rinku Valanju, Advocate with Mr. Pratham Masurekar and Mr. Aditya Shah, Advocates i/b R V Legal for the Appellant/Applicant.

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

ORDER:

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

video conference.

2. The hearing in the appeal was reserved for orders on

December 18, 2020. In the meanwhile, a Misc. Application No.

92 of 2021 has been filed indicating that the appellant has

received a bank draft for redemption of his REC 54 EC Bond

which were purchased three years ago and which matured on 2

January 29, 2021. It was stated that before the bank draft could

be presented for encashment the appellant received an email

from the Registrar and Transfer Agents intimating them not to

encash as the appellant has been debarred from accessing the

securities market pursuant to the order dated February 18, 2020

passed by the Whole Time Member of the Securities and

Exchange Board of India ("SEBI").

3. Prima facie, we find that encashment of a cheque / draft

has nothing to do with the debarment of trading in securities.

We accordingly direct the present Misc. Application to be

treated as a representation which SEBI will consider and pass

appropriate orders by Monday (i.e. on February 08, 2021)

positively and intimate the Registrar and Transfer Agents

accordingly.

4. Put up this Misc. Application on February 09, 2021.

5. Parties are directed to take instructions from the Registrar

48 hours before the date fixed in order to find out as to whether

the matter would be taken up for hearing through video

conference or through physical hearing.

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6. The present matter was heard through video conference

due to Covid-19 pandemic. At this stage it is not possible to sign

a copy of this order nor a certified copy of this order could be

issued by the Registry. In these circumstances, 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. Parties will act on production of a

digitally signed copy sent by fax and/or email.

Justice Tarun Agarwala Presiding Officer RAJALAK Digitally signed by

SHMI H RAJALAKSHMI H NAIR Date: 2021.02.04 16:12:35 +05'30' NAIR Justice M. T. Joshi Judicial Member 04.02.2021 PK