2006 (5) TMI 183

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....006 states that the order shall be treated as show-cause notice against the concerned entities (including the petitioner) and that these persons/entities may file their objections, if any, to the order within 15 days from the date of the order and also avail themselves of an opportunity of personal hearing at the specified venue on a mutually convenient date and time and may also inspect the relevant documents for the said purpose. Prima facie, a post interim decisional opportunity is provided pending final orders to be passed. 2. According to the learned counsel for the petitioner Mr. Vedula Venkata-ramana, in a subsequent Press Release dated 28-4-2006, a clarification has been issued on the order dated 27-4-2006, which reads as unde....

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....-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 para 17.7 that Karvey DP shall not carry on activities as DP till the completion of enquiry and passing of final order, excepting for effecting transfer of BO account to another. SEBI registered DP on request, are directions referable to the powers under section 19 of the 1996 Act. In the absence of any power to delegate contained in the 1996 Act, it is only the Board, i.e., SEBI which could issue the directions and not the second respondent. It is also contended that since the order, dated 27-4-2006, is in the ....