2006 (5) TMI 183

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....for the Respondent. ORDER 1. By the impugned order dated 27-4-2006 under the hand of the second respondent, a series of directives have been issued insofar as the petitioner is concerned including those contained in paragraphs 17.4 and 17.7 of the said order. Paragraph 17.18 of the second respondent's order dated 27-4-2006 states that the order shall be treated as show-cause notice against the ....

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....tly, till further directions' in the interim order WTM/GA/60/ISD/04/06 relating to IPOs issued on 27-4-2006, in so far as they relate to brokers who are SEBI registered intermediaries would apply only in respect of transactions in the proprietary account of brokers and the transactions on behalf of clients would remain unaffected. The same clarifications apply to DP operations wherever they are de....

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....rs under section 29), no such power to delegate is provided in the 1996 Act. It is contended that while the directions contained in para 17.4 of the order, dated 27-4-2006, directing the petitioner, inter alia, not to buy, sell or deal in the securities market including IPOs, directly or indirectly, till further directions are referable to powers under the 1992 Act, the directions contained in par....

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....r, dated 28-4-2006, to the effect that the existing clients of Karvey DP should switch over to another DP within fifteen days constitutes effectually a final decision to liquidate this aspect of the business of Karvey DP and if all the clients are obligated to switch over to another DP even before the petitioner is heard, it could not only cause great prejudice but would also nullify the opportuni....