Stock Exchange: Disciplinary Action Committee of National Stock Exchange of India Ltd. found the appellant guilty of indulging in financial irregularities and misconduct in conduct of business and imposed fine/penalty of Rs.10 lakhs with suspension from trading membership for five trading days – Before the appellate authority, appellant had specifically raised the issue about the appropriateness of the order suspending his trading membership and also quantum of penalty imposed by the appropriate authority – According to appellant, as per circular dated 27.06.2013, suspension of trading is not contemplated for violations allegedly committed by him and penalty in terms of circular dated 27.06.2013 could not exceed an amount of Rs.1 lakh or 0.1% of the value of misuse, whichever is higher – Appellate Authority, however, did not examine these contentions but proceeded to reject the appeal on the ground that the penalty imposed by appropriate authority cannot be said to be unreasonable or excessive – Therefore, impugned order is set aside and appellant is relegated to Appellate Tribunal by restoring the appeal for reconsideration only on the issue of quantum of punishment.
As published in the Supreme Court Reports, Supreme Court of India. Text from the Indian Supreme Court Judgments open data set (Dattam Labs), CC BY 4.0.
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