https://www.taxtmi.com/caselaws?id=170940 The tribunal set aside SEBI's order, concluding that UBS did not violate Regulations 15A, 20, and 20A, or the Code of Conduct under Regulation 7A. The tribunal found that the regulatory requirements were not clearly defined, making it unreasonable to penalize UBS for non-compliance. The tribunal also held that SEBI's use of Section 11B and Section 11(4) was inappropriate, as these provisions were intended for emergent situations and not for imposing penalties. The tribunal upheld UBS's appeal and directed SEBI to take any further action under the appropriate provisions if necessary. en-us Fri, 09 Sep 2005 00:00:00 +0530 Thu, 19 Jan 2017 15:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170940 The tribunal set aside SEBI's order, concluding that UBS did not violate Regulations 15A, 20, and 20A, or the Code of Conduct under Regulation 7A. The tribunal found that the regulatory requirements were not clearly defined, making it unreasonable to penalize UBS for non-compliance. The tribunal also held that SEBI's use of Section 11B and Section 11(4) was inappropriate, as these provisions were intended for emergent situations and not for imposing penalties. The tribunal upheld UBS's appeal and directed SEBI to take any further action under the appropriate provisions if necessary. Case-Laws Indian Laws Fri, 09 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170940