https://www.taxtmi.com/caselaws?id=110842 Civil penalty under the SEBI Act and SEBI (Mutual Funds) Regulations, 1996 is attracted on proof of contravention, and mens rea is not a necessary ingredient unless the statute expressly makes it so. Chapter VI-A uses the expression "shall be liable" to secure regulatory compliance and investor protection; section 15I governs adjudication after hearing, while section 15J affects only the quantum of penalty by directing consideration of disproportionate gain, investor loss, and repetitive default. Repeated routing of transactions through associate brokers beyond the prescribed limit constituted continuing violations, so penalty followed once breach was established. The criminal-law approach in Hindustan Steel was treated as inapplicable to this civil regulatory scheme. en-us Tue, 23 May 2006 00:00:00 +0530 Wed, 07 Jan 2026 15:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110842 Civil penalty under the SEBI Act and SEBI (Mutual Funds) Regulations, 1996 is attracted on proof of contravention, and mens rea is not a necessary ingredient unless the statute expressly makes it so. Chapter VI-A uses the expression "shall be liable" to secure regulatory compliance and investor protection; section 15I governs adjudication after hearing, while section 15J affects only the quantum of penalty by directing consideration of disproportionate gain, investor loss, and repetitive default. Repeated routing of transactions through associate brokers beyond the prescribed limit constituted continuing violations, so penalty followed once breach was established. The criminal-law approach in Hindustan Steel was treated as inapplicable to this civil regulatory scheme. Case-Laws Companies Law Tue, 23 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110842