https://www.taxtmi.com/caselaws?id=311514 The Securities Appellate Tribunal, Mumbai partially allowed the appeal against SEBI's ex-parte ad-interim order impounding alleged unlawful gains from manipulative trading schemes. The Tribunal found the impounding order lacked cogent evidence and was based on surmises, constituting malice in law. However, considering ongoing investigations and one appellant's admitted connection to the main accused, the Tribunal imposed modified directions: restraining appellants from trading in the relevant scrip during investigation, requiring deposit of 50% alleged unlawful gains in escrow account within 15 days, and directing SEBI to complete investigation within six months. The original impounding order was quashed but trading restrictions remained during pendency of investigations. en-us Mon, 27 Mar 2023 00:00:00 +0530 Sat, 30 Dec 2023 08:30:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311514 The Securities Appellate Tribunal, Mumbai partially allowed the appeal against SEBI's ex-parte ad-interim order impounding alleged unlawful gains from manipulative trading schemes. The Tribunal found the impounding order lacked cogent evidence and was based on surmises, constituting malice in law. However, considering ongoing investigations and one appellant's admitted connection to the main accused, the Tribunal imposed modified directions: restraining appellants from trading in the relevant scrip during investigation, requiring deposit of 50% alleged unlawful gains in escrow account within 15 days, and directing SEBI to complete investigation within six months. The original impounding order was quashed but trading restrictions remained during pendency of investigations. Case-Laws SEBI Mon, 27 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311514