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Judgment
We have heard the learned senior counsel for the parties through video conference.
The appellant has been directed to pay a disgorged amount of Rs. 6.67 lakhs and has further been restrained from accessing the securities market
for a period of 1 year. The bank accounts and demat accounts have also been frozen. The transactions relates to the period 2006-2007. Considering
that there has been an undue delay and the hearing in the matter was reserved on September 26, 2019 we direct the respondent to file a reply within
four weeks from today. Two weeks thereafter to the appellant to file rejoinder. The matter would be listed for admission and for final disposal on
February 10, 2021. In the meanwhile, the effect and operation of the impugned order shall remain stayed provided the appellant deposits a sum of Rs.
3.50 lakhs within four weeks from today.
Parties are directed to take instructions from the Registrar 48 hrs. before the date fixed in order to find out as to whether the matter would be taken
up for hearing through video conference 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 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.