https://www.taxtmi.com/caselaws?id=418656 PFUTP adjudication requires disclosure of the investigation report when it forms part of the material on which SEBI bases its satisfaction, because fair hearing, transparency, and accountability demand access to relevant material. The report is not merely internal and the noticee is entitled to disclosure of relevant parts for defence; the duty is not unlimited, and sensitive third-party, personal, or strategic information may be redacted where confidentiality, public interest, or market stability justify it. The Bombay High Court judgment is set aside, the appeals are allowed, and SEBI is directed to disclose relevant parts of the report and give a reasonable opportunity to respond. en-us Fri, 18 Feb 2022 00:00:00 +0530 Wed, 28 Jun 2023 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418656 PFUTP adjudication requires disclosure of the investigation report when it forms part of the material on which SEBI bases its satisfaction, because fair hearing, transparency, and accountability demand access to relevant material. The report is not merely internal and the noticee is entitled to disclosure of relevant parts for defence; the duty is not unlimited, and sensitive third-party, personal, or strategic information may be redacted where confidentiality, public interest, or market stability justify it. The Bombay High Court judgment is set aside, the appeals are allowed, and SEBI is directed to disclose relevant parts of the report and give a reasonable opportunity to respond. Case-Laws SEBI Fri, 18 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418656