https://www.taxtmi.com/caselaws?id=446576 Securities Appellate Tribunal Mumbai allowed appeals against SEBI's order imposing Rs. 447.27 crores disgorgement and one-year derivatives trading ban on a company and entities. The Tribunal held that Section 27 of SEBI Act, prior to 2019 amendment, applied only to criminal proceedings, not civil liability. Managing Director could not be held vicariously liable without proof of direct involvement or knowledge in manipulative trades. The Tribunal found SEBI failed to establish complicity beyond surmises and conjectures. Additionally, inordinate 10-year delay in proceedings and non-supply of investigation documents violated natural justice principles. Appeals were allowed on grounds of lack of vicarious liability, procedural violations, and insufficient evidence of manipulation. en-us Mon, 04 Dec 2023 00:00:00 +0530 Wed, 06 Dec 2023 14:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446576 Securities Appellate Tribunal Mumbai allowed appeals against SEBI's order imposing Rs. 447.27 crores disgorgement and one-year derivatives trading ban on a company and entities. The Tribunal held that Section 27 of SEBI Act, prior to 2019 amendment, applied only to criminal proceedings, not civil liability. Managing Director could not be held vicariously liable without proof of direct involvement or knowledge in manipulative trades. The Tribunal found SEBI failed to establish complicity beyond surmises and conjectures. Additionally, inordinate 10-year delay in proceedings and non-supply of investigation documents violated natural justice principles. Appeals were allowed on grounds of lack of vicarious liability, procedural violations, and insufficient evidence of manipulation. Case-Laws SEBI Mon, 04 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446576