Penalty for non-furnishing documents under SEBI law failed where materials were already supplied and adverse inference was unwarranted.

Penalty under Section 15A of the SEBI Act was confined to failure to furnish documents, and could not be sustained on the footing adopted in the impugned order where the record showed that the appellant had already furnished the available materials. On those facts, the provision invoked for non-furnishing was not attracted, and the challenge based on adverse inference and alleged false information did not support the penalty. The impugned order was therefore set aside.

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Issues: Whether penalty under Section 15A of the Securities and Exchange Board of India Act, 1992 could be imposed where documents had been furnished but the information supplied was alleged to be false, or whether the power was confined to failure to furnish documents.

Analysis: The order of the Adjudicating Officer itself recorded that the appellant had already furnished the materials available on record. On those facts, the statutory provision invoked for non-furnishing was not attracted. The challenge to the Tribunal's reliance on adverse inference and the argument based on alleged false information did not sustain the penalty on the footing adopted in the impugned order.

Conclusion: The impugned order was not sustainable and was set aside. The appeal was allowed.

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