Disciplinary punishment review restored where tribunal failed to examine the quantum of penalty and suspension.

The challenge extended beyond disciplinary power to the legality and extent of punishment imposed on a trading member, including suspension and monetary penalty under the governing circular and bye-laws. The appellate tribunal failed to examine those specific objections or assess whether the punishment was justified within the disciplinary framework. The Supreme Court set aside the impugned order and restored the appeal to the tribunal for fresh consideration limited to the quantum of punishment.

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Issues: Whether the impugned order upholding the disciplinary action and punishment should be set aside and the appeal restored for fresh consideration on the quantum of punishment.

Analysis: The challenge before the Court was not confined to the existence of disciplinary power but extended to the nature and extent of punishment imposed on the trading member. The record showed that the appellant had specifically questioned both the suspension of trading membership and the quantum of monetary penalty with reference to the governing circular and bye-laws. The appellate tribunal, however, did not address those contentions and disposed of the appeal without examining whether the punishment imposed was justified in law or within the permissible scope of the relevant disciplinary framework.

Conclusion: The impugned order was set aside and the appeal was restored to the appellate tribunal for fresh consideration limited to the quantum of punishment.

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