Rajesh Pravinkumar Bhanushali vs Sebi

Date of Decision : 12.06.2017

Misc. Application No. 228 of 2016 And Appeal No. 283 of 2016

Rajesh Pravinkumar Bhanushali 403, Mihir Co-op Housing Society, Plot No. 18, Sector - 6, Airoli, ...Appellant New Mumbai - 400 708.

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. S.K. Jain, Practicing Company Secretary for the Appellant.

Mr. Kumar Desai, Advocate with Mr. Vivek Shah and Mr. Tomu Francis, Advocates for the Respondent.

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

Per : Justice J.P. Devadhar (Oral)

Misc. Application No. 228 of 2016:-

By this Misc. Application appellant seeks condonation of 182 days

delay in filing the appeal. For the reasons stated in the Misc. Application,

delay is condoned. Misc. Application stands disposed of accordingly. 2

Appeal No. 283 of 2016:-

1.

Appellant is aggrieved by the ex-parte order passed by the Whole

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

('SEBI' for short) on January 4, 2016. By the said order the appellant is

restrained from accessing the securities market for a period of 5 years from

the date of the said order.

2. Grievance of the appellant is that the appellant is stationed outside

India since 2011 and that he had neither received the show cause notice nor

the notice of personal hearing issued by SEBI. Although it is contended on

behalf of SEBI that someone had received notice on behalf of the appellant

sent at the last known address of the appellant in India, in the facts of the

present case since it is not seriously disputed that the appellant is residing

outside India, we quash and set aside the ex-parte order dated January 4,

2016 qua the appellant and restore the matter to the file of the WTM of

SEBI for fresh decision on merits and in accordance with law.

3. Counsel for the appellant stated that the appellant shall not access the

securities market till a fresh order is passed by the WTM of SEBI. The said

statement is accepted.

4. WTM of SEBI is directed to pass fresh order on merits and in

accordance with law as expeditiously as possible preferably within a period

6 months from today.

5. Counsel for the appellant states that all communications to the

appellant may be addressed to the address which reads thus:-

Dr. S.K. Jain 13/16 Kapadia Chamber, Gr. Floor, 599 JSS Road, Mumbai - 400 002.

3 6. Appeal is disposed of in the aforesaid 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 12.06.2017 Prepared and compared by:

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