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2008 (2) TMI 926 - SECURITIES APPELLATE TRIBUNAL, MUMBAIExtract: .......alty. Once the default is established, the penalty must follow. It is only the quantum of penalty that is discretionary. However, in the present case the penalty awarded is the minimum prescribed under the Enquiry Regulations and there is no occasion for us to interfere with that. 14. The appeal is, accordingly, dismissed with no order as to costs.
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