https://www.taxtmi.com/caselaws?id=765880 HC quashed SEBI circular dated 02.09.2022 requiring trading members to refund penalties passed to clients only after 11.10.2021. Court found the date selection arbitrary and discriminatory under Article 14, creating two unequal groups of investors based on timing beyond their control. The stipulation lacked justification since penalty pass-through was consistently criticized by SEBI regardless of date. GRC order dated 31.03.2023 set aside, matter remanded for fresh hearing without date restriction. en-us Mon, 14 Oct 2024 00:00:00 +0530 Wed, 12 Feb 2025 08:30:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765880 HC quashed SEBI circular dated 02.09.2022 requiring trading members to refund penalties passed to clients only after 11.10.2021. Court found the date selection arbitrary and discriminatory under Article 14, creating two unequal groups of investors based on timing beyond their control. The stipulation lacked justification since penalty pass-through was consistently criticized by SEBI regardless of date. GRC order dated 31.03.2023 set aside, matter remanded for fresh hearing without date restriction. Case-Laws SEBI Mon, 14 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765880