Rakesh Kumar Gupta & Ors vs Securities And Exchange Board Of India & Anr

Heard both the sides through video conference. Respondent is directed to file affidavit-in-reply within a period of 4 weeks. Rejoinder, if any, may

be filed within 3 weeks. Place the appeal for final hearing on 12th November, 2020. In the meantime, the effect an operation of the impugned order in

so far as the present appellants are concerned shall remain stayed upon deposit of 50% of the amount of penalty within a period of 4 weeks. Upon

payment of the said amount SEBI shall deposit the same in an interest bearing account which shall be subject to the result of the appeal. Misc.

Application Nos.291 of 2020 and 317 of 2020 are disposed of accordingly.

Parties are directed to contact the Registrar 48 hours before the date fixed to find out as to whether the hearing would take place through video

conferencing or through physical hearing.

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 Presiding Officer 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.