Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
The Supreme Court held that the 2001 SEBI Circular required disclosure of positions breaching prescribed limits and created no per se prohibition on excess positions; however, the appellant's failure to disclose agency-based trades with twelve entities attracted penalty under the Circular. The futures positions were accepted as valid hedges against intended cash-market sales, because anticipatory hedging was permissible and no 2007 rule required a perfect one-to-one correlation or formal hedging policy. Concentration of open interest, viewed on the correct combined-position basis, did not by itself prove manipulative cornering, and the alleged last-minute cash sale was not shown by cogent material to be price manipulation. Accordingly, PFUTP fraud and disgorgement were set aside, while the disclosure penalty was sustained.
The Supreme Court held that the 2001 SEBI Circular required disclosure of positions breaching prescribed limits and created no per se prohibition on excess positions; however, the appellant's failure to disclose agency-based trades with twelve entities attracted penalty under the Circular. The futures positions were accepted as valid hedges against intended cash-market sales, because anticipatory hedging was permissible and no 2007 rule required a perfect one-to-one correlation or formal hedging policy. Concentration of open interest, viewed on the correct combined-position basis, did not by itself prove manipulative cornering, and the alleged last-minute cash sale was not shown by cogent material to be price manipulation. Accordingly, PFUTP fraud and disgorgement were set aside, while the disclosure penalty was sustained.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
