State Bank Of India And Others vs Securities And Exchange Board Of India

This appeal has been filed challenging the order of the adjudicating officer of Securities and Exchange Board of India dated 14th August, 2020 by

which penalty of Rs.10 lakhs each has been imposed on each of the appellants for noncompliance with Regulation 7B of the SEBI (Mutual Funds)

Regulations, 1996.

After hearing the matter for some time we feel it necessary to stay the directions contained in the order. Accordingly, the direction contained in the

order shall not be implemented till the next date of hearing. Misc. Application Nos.313, 315 and 321 of 2020 are disposed of accordingly.

Four week time is allowed to the respondent to file reply. Two weeks thereafter to the appellant to file rejoinder and list on 3rd December, 2020.

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.