Raj Aryan vs Sebi
- CitationAppeal No. 533 of 2023
Ratio decidendi
The rule this decision rests on
The court follows its earlier decision in Sudhir Bapusaheb Devkar v. SEBI, holding that the amendment to Regulation 7(2)(a) of the PIT Regulations, 2015 applies retrospectively, and therefore that a penalty imposed for non-disclosure of trades under the unamended provision cannot stand where the controversy is squarely covered by that decision; the impugned order is accordingly quashed.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision: 04.07.2023
Misc. Application No. 712 of 2023 And Appeal No. 533 of 2023
Raj Aryan Sanjay Chowk, Ward No. 5, Dumra Court, Sitamarhi, Bihar- 843 301, India ...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
Mr. S. N. Vishwanathan, Advocate for the Appellant.
Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima, Advocate i/b The Law Point for the Respondent.
CORAM: Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member
Per: Justice Tarun Agarwala, Presiding Officer (Oral)
1.
For the reasons stated in the application, the delay in the
filing of the appeal is condoned. The application is allowed.
2. The Adjudicating Officer has passed an order imposing a
penalty of Rs.1 lakh for non-disclosure of the trades executed by 2
the appellants which was found to be in violation of Regulations
7(2)(a) of the Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 2015 (hereinafter
referred to as 'PIT Regulations').
3. In Appeal No.654 of 2022, Sudhir Bapusaheb Devkar v.
SEBI decided on 10th October, 2022 this Tribunal held that
amendment in Regulation 7(2)(a) of the PIT Regulations would
apply retrospectively.
4. The controversy involved in the present appeal is squarely
covered by the decision of this Tribunal. In view of the
aforesaid, the impugned order is quashed. The appeal is allowed
with no order as to costs.
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
Ms. Meera Swarup Technical Member 04.07.2023 PRERNA Digitally by PRERNA signed
PK MANISH Date:
MANISH KHARE
KHARE 2023.07.06 17:27:55 +05'30'
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