https://www.taxtmi.com/caselaws?id=441223 The Tribunal held that the SAST Regulations do not apply retrospectively, emphasizing their prospective nature from 20th February 1997. It clarified that the obligation to make a public announcement for convertible securities is triggered at the time of acquisition, not upon conversion. The Tribunal found unjustifiable delay in proceedings initiation and disposal, emphasizing the need for timely action. It rejected the argument of a continuing violation, stating that the act of acquisition without announcement is a one-time event. Consequently, the higher penalty under the amended SEBI Act section was deemed inapplicable. The Tribunal set aside the penalty, directing a refund to the appellants and allowing the appeal. en-us Fri, 28 Jul 2023 00:00:00 +0530 Thu, 03 Aug 2023 15:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441223 The Tribunal held that the SAST Regulations do not apply retrospectively, emphasizing their prospective nature from 20th February 1997. It clarified that the obligation to make a public announcement for convertible securities is triggered at the time of acquisition, not upon conversion. The Tribunal found unjustifiable delay in proceedings initiation and disposal, emphasizing the need for timely action. It rejected the argument of a continuing violation, stating that the act of acquisition without announcement is a one-time event. Consequently, the higher penalty under the amended SEBI Act section was deemed inapplicable. The Tribunal set aside the penalty, directing a refund to the appellants and allowing the appeal. Case-Laws SEBI Fri, 28 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441223