https://www.taxtmi.com/caselaws?id=311090 Securities Appellate Tribunal, Mumbai dismissed appeals against SEBI disgorgement order. Appellants engaged in synchronized trading, reversal trading and self-trading, making unlawful gains. WTM directed joint and several payment of disgorgement amount with 12% interest. Tribunal held disgorgement under Section 11B is equitable remedy to prevent unjust enrichment, not punitive. While legitimate expenses can be deducted for net profit calculation, administrative expenses and brokerage charges are business expenses not allowable as deductions. Appellants cannot diminish profits through unconscionable expenses when entire profits result from wrongdoing. en-us Mon, 20 Sep 2021 00:00:00 +0530 Thu, 07 Dec 2023 18:49:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311090 Securities Appellate Tribunal, Mumbai dismissed appeals against SEBI disgorgement order. Appellants engaged in synchronized trading, reversal trading and self-trading, making unlawful gains. WTM directed joint and several payment of disgorgement amount with 12% interest. Tribunal held disgorgement under Section 11B is equitable remedy to prevent unjust enrichment, not punitive. While legitimate expenses can be deducted for net profit calculation, administrative expenses and brokerage charges are business expenses not allowable as deductions. Appellants cannot diminish profits through unconscionable expenses when entire profits result from wrongdoing. Case-Laws SEBI Mon, 20 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311090