Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
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Professional Clearing Members had no statutory duty or real-time regulatory visibility to verify individual Trading Member clients' debit and credit positions before collateral liquidation; the applicable framework treated the Trading Member as their constituent and restricted cross-use of margin only between Trading Members. No regulatory breach was established. Clearing committees could not order restitution of liquidated securities or block equivalent collateral, because stock-exchange bye-laws excluded monetary penalties and no substantive statutory power supported those measures. Individual clients had no claim against Professional Clearing Members for Trading Members' defaults under illegal assured-return schemes, absent privity or regulatory breach; remedies remained against Trading Members. Restitution orders were set aside, while the investor's cash-margin claim was not maintainable.
Professional Clearing Members had no statutory duty or real-time regulatory visibility to verify individual Trading Member clients' debit and credit positions before collateral liquidation; the applicable framework treated the Trading Member as their constituent and restricted cross-use of margin only between Trading Members. No regulatory breach was established. Clearing committees could not order restitution of liquidated securities or block equivalent collateral, because stock-exchange bye-laws excluded monetary penalties and no substantive statutory power supported those measures. Individual clients had no claim against Professional Clearing Members for Trading Members' defaults under illegal assured-return schemes, absent privity or regulatory breach; remedies remained against Trading Members. Restitution orders were set aside, while the investor's cash-margin claim was not maintainable.
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