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2017 (3) TMI 1811 - SC - SEBIPenalty by Adjudicating Officer u/s 15A of SEBI Act - documents which has been asked for has been furnished are false - whether power of the Adjudicating Officer to impose penalty is limited and can be exercised only in the event of failure to furnish documents? - HELD THAT:- It appears from the order which was passed that the Adjudicating Offier had specifically stated in para 31 “that the appellant has already furnished the materials which are available on record”. Since the materials have already been furnished, in our opinion, the said Section is not attracted on the given facts. Appellate Tribunal was not justified in upholding the order passed by the Adjudicating Officer on the basis of drawing adverse inferences against the appellant which is based on no material facts and no positive evidence has been furnished is totally erroneous. Adjudicating Officer has also failed to take into consideration that there was no non-compliance of summons, if she considered that in the first instance the summons was not issuable to the appellant. SEBI had all the information and the appellant (like many other non-registered entities) was under the bonafide belief that it did not come under the ambit, purview, compass and jurisdiction of SEBI. Having regard to the submissions made, we are of the view that that the order passed by the Tribunal is not sustainable and hence the same is set aside.
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