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2012 (12) TMI 1146 - SECURITIES APPELLATE TRIBUNAL, MUMBAIExtract: .......chever is higher. The adjudicating officer has imposed a penalty of 8 lacs only. We do not find it disproportionate to the allegation established against the appellant. In view of the foregoing discussion, we have no hesitation in upholding the impugned order passed by the adjudicating officer. The appeal stands dismissed with no order as to costs.
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