https://www.taxtmi.com/caselaws?id=461793 A later SEBI circular was treated as crystallising an earlier prohibition, so it could be applied to support findings that client credit balances were used for debit-balance clients and for the broker's own purposes. The record also supported non-settlement of client funds and securities, and the appellant failed to produce material showing that the stated threshold had been met. The challenge based on delay and laches failed because no specific prejudice was pleaded or proved, especially where the relevant records were already with the appellant and were again supplied with the notice. The penalty order was sustained. en-us Tue, 03 Jan 2023 00:00:00 +0530 Tue, 29 Apr 2025 18:59:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461793 A later SEBI circular was treated as crystallising an earlier prohibition, so it could be applied to support findings that client credit balances were used for debit-balance clients and for the broker's own purposes. The record also supported non-settlement of client funds and securities, and the appellant failed to produce material showing that the stated threshold had been met. The challenge based on delay and laches failed because no specific prejudice was pleaded or proved, especially where the relevant records were already with the appellant and were again supplied with the notice. The penalty order was sustained. Case-Laws SEBI Tue, 03 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461793