https://www.taxtmi.com/caselaws?id=446634 Securities Appellate Tribunal Mumbai allowed appeal by CA firm against SEBI adjudication proceedings. SEBI had alleged the firm facilitated cleaning up company books despite knowing irregularities. SAT held that without proof of inducement, fraud, collusion or connivance, SEBI cannot proceed under Section 12A of SEBI Act. The inquiry scope was limited to conspiracy charges, not professional negligence. Since no direct involvement in fudging accounts was established, matter should be referred to ICAI for disciplinary action if accounting standards were violated. SEBI's role confined to conspiracy charges only. en-us Mon, 04 Dec 2023 00:00:00 +0530 Fri, 08 Dec 2023 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446634 Securities Appellate Tribunal Mumbai allowed appeal by CA firm against SEBI adjudication proceedings. SEBI had alleged the firm facilitated cleaning up company books despite knowing irregularities. SAT held that without proof of inducement, fraud, collusion or connivance, SEBI cannot proceed under Section 12A of SEBI Act. The inquiry scope was limited to conspiracy charges, not professional negligence. Since no direct involvement in fudging accounts was established, matter should be referred to ICAI for disciplinary action if accounting standards were violated. SEBI's role confined to conspiracy charges only. Case-Laws SEBI Mon, 04 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446634