CourtKutchehry.com
Tribunals and CommissionsDivision Bench

Kishor Sharma vs Securities And Exchange Board Of India

Securities Appellate Tribunal Mumbai · Decided on 28 April 2021 · Citation: (2021) 04 SEBI CK 0138

HON’BLE JUDGES
Tarun Agarwala, Presiding Officer · M. T. Joshi, J
ACTS & SECTIONS REFERRED
Securities And Exchange Board Of India (Prohibition Of Fraudulent And Unfair Trade Practices Relating To Securities Market) Regulations, 2003 — Regulation 3, 4
RESULT
Allowed
CASE NUMBER
Miscellaneous Application No.24, 285 Of 2021, Appeal No.66 Of 2021
Ask AI about this case

AI Structured Summary

Not yet generated for this judgment

No AI summary yet

Generate an eight-section analysis of this judgment — facts, issues, reasoning, ratio and a plain-language gist.

Judgment

20 paragraphs · 357 words

Tarun Agarwala, Presiding Officer

1.

The appeal was dismissed for want of prosecution on March 08, 2021. A restoration application has been filed. For the reasons stated in the

application, cause shown is sufficient the order dated March 08, 2021 is recalled. The application is allowed. The appeal is restored to its original

number.

2.

There is a delay in the filing of the appeal. For the reasons stated in the application, the delay in filing the appeal is condoned the application is

allowed.

3.

An exemption application has been filed to dispense with the filing of the certified copy of the impugned order. Since the same order was

challenged in Appeal No. 402 of 2020 we allow the exemption application.

4.

The present appeal has been filed against the order dated June 25, 2020 passed by the Adjudicating Officer (“AO†for convenience) of the

Securities and Exchange Board of India (“SEBI†for convenience) imposing a penalty of Rs. 5 lakhs for violation of regulations 3 and 4 of the

SEBI (Prohibition of Fraudulent and Unfair Trade Practice relating to Securities Market) Regulations, 2003 (“PFUTP Regulations†for

convenience).

5.

In this regard, against the same order Appeal No. 402 of 2020 Rajesh Kumar vs SEBI was filed which was decided on November 19, 2020 and the

order was set aside. The controversy involved is squarely covered by the said decision.

6.

In view of the aforesaid, the impugned order in so far as it relates to the appellant is set aside. The appeal is allowed. In the circumstances of the

case, the parties shall bear their own costs.

7.

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.