https://www.taxtmi.com/caselaws?id=796859 Mitigating factors may justify reducing a monetary penalty below a statutory minimum where the specific penal provision does not override the mandatory consideration of such factors. The majority view treated the relevant mitigation provision as permitting a calibrated penalty based on the circumstances, while the dissent considered the statutory minimum irreducible. Penalty orders were set aside against two appellants because effective service of notice and knowledge of the proceedings were not established, breaching natural justice. Liability was sustained against another appellant because properly served notices, hearing opportunities and disclosed trade material established matched reversal trades that created artificial volume in an illiquid options contract. en-us Fri, 16 Jan 2026 00:00:00 +0530 Wed, 12 Aug 2026 08:19:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796859 Mitigating factors may justify reducing a monetary penalty below a statutory minimum where the specific penal provision does not override the mandatory consideration of such factors. The majority view treated the relevant mitigation provision as permitting a calibrated penalty based on the circumstances, while the dissent considered the statutory minimum irreducible. Penalty orders were set aside against two appellants because effective service of notice and knowledge of the proceedings were not established, breaching natural justice. Liability was sustained against another appellant because properly served notices, hearing opportunities and disclosed trade material established matched reversal trades that created artificial volume in an illiquid options contract. Case-Laws SEBI Fri, 16 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796859