Sapna Dilip Bombaywala vs Sebi

Date: 10.7.2019

Misc. Application No.276 of 2019 In Appeal No.219 of 2019 Sapna Dilip Bombaywala 439, Hasam Premji Building, 2nd Floor, Kalbadevi Road, Mumbai - 400 002. .... Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, C-4A, G-Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400051. ....Respondent

Mr. Akshit Jain, Advocate with Ms. Rinku Valanju, Advocate i/b. R.V. Legal for the Appellant.

Mr. Sumit Rai, Advocate with Mr. Abhiraj Arora and Mr. Vivek Shah, Advocate 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.

We have heard learned counsel for the parties on Misc.

Application No.276 of 2019. By the impugned order the appellant

has been restrained from accessing the securities market for a

period of six years. We find that there is no order of disgorgement

or penalty against the appellant. 2

2. In our opinion, the restraint order from accessing the

securities market cannot be a ground to deny the appellant from

liquidating the shares which are already lying in the demat account

and which has been depicted as Annexure 'A' at page 19 of the

memo of appeal.

3. By our earlier order dated 30th June, 2017 we had directed

respondent to seek instruction and to file reply if any to the Misc.

Application but no such reply has been filed.

4. Having heard the learned counsel for the parties, we direct

the appellant to access the securities market only to the limited

extent of liquidating the shares as per Annexure 'A' which are

lying in the demat account of the appellant within a period of three

moths from today. The Misc. Application is disposed of.

Sd/-

Justice Tarun Agarwala Presiding Officer

Sd/-

Dr. C. K. G. Nair Member

Sd/-

Justice M.T. Joshi Judicial Member

10.7.2019 Prepared and compared by RHN