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National Securities Depository Limited Versus Securities and Exchange Board of India

2007 (11) TMI 665 - SECURITIES APPELLATE TRIBUNAL, MUMBAI

Appeal No. 147 of 2006 - Dated:- 22-11-2007 - N.K. Sodhi, Presiding Officer Arun Bhargava And Utpal Bhattacharya, JJ. Mr. Janak Dwarkadas, Mr. Somasekhar Sundaresan, Mr. Ankit Lohia and Mr. Zerick Dastur Advocates for the Appellant. Mr. Rafique Dada, Dr. Poornima Advani, Ms. Sejal Shah, Anant Upadhyay and Mr. Hitesh Mutha Advocates for the Respondent. JUDGMENT: Justice N.K. Sodhi, Presiding Officer (Oral) This order will dispose of a bunch of nine Appeals nos. 147 & 149 of 2006, 5 and 7 to 1 .....

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ities and Exchange Board of India (for short the Board) into various aspects of working of securities market, it initiated a probe and advised the Bombay Stock Exchange and National Stock Exchange to look into the dealings in the shares allotted in various Initial Public Offerings (IPOs) before their listing on the stock exchanges. Preliminary investigations revealed that certain entities had cornered IPO shares reserved for retail applicants by making applications in retail category through the .....

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fference in price between the IPO issue price and the price on the listing date. In view of the preliminary findings recorded in the investigations, the Board passed a comprehensive ex-parte ad-interim order dated April 27, 2006 and issued directions, among others, to various entities prohibiting them from dealing in the securities market till further orders. After the investigations were completed, the Board initiated various proceedings / actions against the concerned entities including the ap .....

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to disgorge an amount of ₹ 115.82 crores within a period of six months from the date of the order. The Board further directed that the amount shall be paid in equal amounts by the Depositories and the Participants in proportion to their actual involvement. Hence these appeals. In para 7 of the impugned order it has been observed that This order may be read as part of the SEBI interim order dated 27th April, 2006. In para 45 of the impugned order this is what the Board had to say : 45&helli .....

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ions, 2003, pending adjudication i.e. inquiry into the subject transactions and passing of final order, I hereby issue the following directions, by way of an interim order as follows : Directions were then issued to the appellants and others to disgorge a sum of ₹ 115.82 crores. Since the proceedings against the appellants were pending at various stages, the Board observed in para 47 as under : 47. There will be no separate hearing granted to the parties, as the findings of this order will .....

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not of the charges levelled against them has yet to be decided. Strangely enough, even before determining the guilt, if any, of the appellants, the Board has directed them to disgorge a sum of ₹ 115.82 crores. In other words, the amount which the appellants have to disgorge has been determined in the impugned order though their guilt has yet to be established. It has also not been established whether they made any ill gotten gains. Having done this, the Board has observed that in case the .....

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