https://www.taxtmi.com/caselaws?id=798637 Buyback escrow release and forfeiture operate separately from proceedings concerning fraudulent or unfair trade practices. Compliance with escrow-release conditions does not determine whether fraud occurred or confer immunity from an independent inquiry. Fraud requires reliable material assessed on the balance of probabilities from the cumulative circumstances, rather than conjecture or suspicion. Where allegations depend on historical trading data, unresolved inconsistencies between exchange records and investigation findings-including contradictory assessments of a corporate announcement's market impact-undermine the evidentiary basis for a fraud determination. The statutory appellate forum may obtain further evidence, examine relevant persons, and determine the fraud question using accurate trading data and corroborating circumstances. en-us Wed, 09 Sep 2026 00:00:00 +0530 Thu, 10 Sep 2026 08:51:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798637 Buyback escrow release and forfeiture operate separately from proceedings concerning fraudulent or unfair trade practices. Compliance with escrow-release conditions does not determine whether fraud occurred or confer immunity from an independent inquiry. Fraud requires reliable material assessed on the balance of probabilities from the cumulative circumstances, rather than conjecture or suspicion. Where allegations depend on historical trading data, unresolved inconsistencies between exchange records and investigation findings-including contradictory assessments of a corporate announcement's market impact-undermine the evidentiary basis for a fraud determination. The statutory appellate forum may obtain further evidence, examine relevant persons, and determine the fraud question using accurate trading data and corroborating circumstances. Case-Laws SEBI Wed, 09 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798637