S.P.J. Stock Brokers Pvt. Ltd. vs Sebi
- CitationAppeal No. 251 of 2018
Ratio decidendi
The rule this decision rests on
The appellant, having been found to have participated in circular trading and penalised under Sections 15HA and 15HB of the SEBI Act, 1992, is entitled to the same relief as the co-noticee whose appeal was decided earlier in the same bunch; the penalty is therefore reduced on the reasoning given in that earlier appeal, with that reasoning incorporated by reference and not set out in this order.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision : 11.06.2019
Appeal No. 251 of 2018
S.P.J. Stock Brokers Pvt. Ltd. 608, P.J. Towers, 6th Floor, Dalal Street, Fort, Mumbai - 400 023. ..... 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. Saurabh Bachhawat, Advocate with Mr. Jitendra Sharda, Advocate i/b Mindspright Legal for the Appellant.
Mr. Gaurav Joshi, Senior Advocate with Mr. Vivek Shah and Mr. Abhiraj Arora, Advocates i/b ELP for the Respondent.
CORAM : Justice Tarun Agarwala, Presiding Officer Dr. C.K.G. Nair, Member Justice M.T. Joshi, Judicial Member
Per : Justice Tarun Agarwala (Oral)
1.
For circular trading one P.J. Chaudhary was imposed a
penalty of Rs. 16 lakh and Rs. 6 lakh under Sections 15HA
and 15HB respectively of the SEBI Act, 1992 by the
Adjudicating Officer ('AO' for short) of the Securities and
Exchange Board of India ('SEBI' for short) dated June 1, 2
2018. The said P.J. Chaudhary had filed Appeal No. 378 of
2018 whereby this Tribunal allowed the appeal in part and
reduced the penalty to Rs. 14 lakh.
2. The appellant is also part of the circular trading and, in
the instant case, the AO by an order dated May 11, 2018
imposed a penalty Rs. 16 lakh and Rs. 6 lakh under Sections
15HA and 15HB respectively of the SEBI Act, 1992.
3. In our opinion, the appellant is also entitled to a similar
relief.
4. For the reasons stated in the appeal of P.J. Chaudhary in
Appeal No. 378 of 2018, the present appeal is partly allowed.
The penalty is reduced from Rs. 22 lakh to Rs. 14 lakh which
shall be paid by the appellant to the respondent within four
weeks from today. In the circumstances of the case, there
shall be no order on costs.
Sd/-
Justice Tarun Agarwala Presiding Officer
Sd/-
Dr. C.K.G. Nair Member
Sd/-
Justice M.T. Joshi Judicial Member 11.06.2019 Prepared and compared by:msb
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