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    <description>The challenge extended beyond disciplinary power to the legality and extent of punishment imposed on a trading member, including suspension and monetary penalty under the governing circular and bye-laws. The appellate tribunal failed to examine those specific objections or assess whether the punishment was justified within the disciplinary framework. The Supreme Court set aside the impugned order and restored the appeal to the tribunal for fresh consideration limited to the quantum of punishment.</description>
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      <description>The challenge extended beyond disciplinary power to the legality and extent of punishment imposed on a trading member, including suspension and monetary penalty under the governing circular and bye-laws. The appellate tribunal failed to examine those specific objections or assess whether the punishment was justified within the disciplinary framework. The Supreme Court set aside the impugned order and restored the appeal to the tribunal for fresh consideration limited to the quantum of punishment.</description>
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