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IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NO(S). /2023 (@ CIVIL APPEAL Diary No(s). 791/2023)
SECURITIES AND EXCHANGE BOARD OF INDIA APPELLANT(S)
VERSUS
SANDIP RAY & ORS. RESPONDENT(S)
O R D E R
Delay condoned.
The grievance of the appellant is that once a finding
of violation of Section 15HB of SEBI Act, 1992 has been
recorded, there appears no justification for the Tribunal
to reduce the penalty below Rs. 1,00,000/- which is the
minimum as permissible under Section 15HB of SEBI Act,
1992. Section 15HB of SEBI Act, 1992 is extracted below:
“15HB. Penalty for contravention where no separate penalty has been provided. - Whoever fails to comply with any provisions of this Act, the rules or the regulations made or directions issued by the Board thereunder for which no separate penalty has been provided, shall be liable to a penalty which shall not be less than one lakh rupees but which may extend to one crore rupees.”
Learned counsel for the appellant submits that the
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Tribunal while upholding the violation of Section 15HB
has reduced the penalty from Rs. 3,00,000/- to Rs.
75,000/- which was in conflict of the mandatory
requirement and there is no discretion left with the
authority to reduce the penalty below the minimum
prescribed, as indicated under Section 15HB of the SEBI
Act, 1...