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of <h1>SFIO Not Necessary Party in Appeal Against SEBI Order Based on Independent SEBI Act Investigation</h1> <h3>Allied Financial Services Private Limited & Anr. Versus Securities and Exchange Board of India</h3> The AT dismissed the application to implead SFIO as a party respondent in an appeal challenging an order of SEBI. It held that SEBI's impugned order was ... Application for impleadment of SFIO as a party respondent - HELD THAT:- Appellants have challenged SEBI’s order. SEBI has passed the impugned order based on its investigation under the SEBI Act. The investigation under SFIO, may lead to filing chargesheet before the designated court. Admittedly, investigation by SEBI and SFIO are under different Acts and jurisdiction, therefore, in our opinion, SFIO is not a necessary party in this proceeding. Application to implead SFIO as party respondent in an appeal challenging SEBI's order dated July 2, 2021, was dismissed. The appellants sought impleadment on grounds that an SFIO investigation into alleged transfer of mutual fund units would assist the Tribunal. SFIO opposed, noting its investigation is incomplete and that it submits its report to the Central Government with any chargesheet thereafter filed before the designated Court. The Tribunal observed SEBI's impugned order was based on its own investigation under the SEBI Act and that investigations by SEBI and SFIO fall 'under different Acts and jurisdiction.' Accordingly, 'SFIO is not a necessary party in this proceeding.' Misc. Application No. 419 of 2025 dismissed; matter listed by consent on July 2, 2025.
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