https://www.taxtmi.com/caselaws?id=301906 Disgorgement under securities law was treated as a civil, regulatory remedy to strip unlawful gains, so earlier restraint proceedings did not trigger double jeopardy. The expression "persons associated with the securities market" was construed broadly enough to include investors who buy or sell securities, and disgorgement proceedings were not invalidated by delay in the absence of a statutory limitation period. Interest on the disgorged amount, however, could run only from the date the liability crystallised under the disgorgement order, not from the original allotment date. The liability to disgorge and the finding on unlawful gain were maintained, with only the commencement date for interest modified. en-us Thu, 04 Oct 2012 00:00:00 +0530 Tue, 26 Apr 2022 15:50:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301906 Disgorgement under securities law was treated as a civil, regulatory remedy to strip unlawful gains, so earlier restraint proceedings did not trigger double jeopardy. The expression "persons associated with the securities market" was construed broadly enough to include investors who buy or sell securities, and disgorgement proceedings were not invalidated by delay in the absence of a statutory limitation period. Interest on the disgorged amount, however, could run only from the date the liability crystallised under the disgorgement order, not from the original allotment date. The liability to disgorge and the finding on unlawful gain were maintained, with only the commencement date for interest modified. Case-Laws SEBI Thu, 04 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301906