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    <description>The appellate tribunal held that the impugned order was passed ex parte without serving the appellant with a show cause notice, violating principles of natural justice under Article 14 of the Constitution. The appellant was not given a fair opportunity to present their case regarding allegations of trading in illiquid stock options leading to artificial market volume. Consequently, the tribunal allowed the appeal and remitted the matter to the respondent for fresh adjudication after proper service of the show cause notice.</description>
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      <description>The appellate tribunal held that the impugned order was passed ex parte without serving the appellant with a show cause notice, violating principles of natural justice under Article 14 of the Constitution. The appellant was not given a fair opportunity to present their case regarding allegations of trading in illiquid stock options leading to artificial market volume. Consequently, the tribunal allowed the appeal and remitted the matter to the respondent for fresh adjudication after proper service of the show cause notice.</description>
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