2014 (8) TMI 1166

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....ocate and Deepak Rane, Advocate For the Respondent : Kumar Desai, Advocate and Tomu Francis, Advocate ORDER J.P. Devadhar, J. This appeal is filed to challenge Adjudication order dated 28th April, 2014, whereby Mr. A. Sunil Kumar, Adjudicating Officer of Securities and Exchange Board of India (SEBI) has imposed penalty of Rs. 10 lac on Appellant under section 15HA of the Securities and Exchang....

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....ficer to consider decision of another Adjudicating Officer of SEBI is highly improper. Orders passed by the Adjudicating Officers' of SEBI are quasi judicial orders where the adjudicating authority is required to consider the rights and obligations of charged persons and impose penalty, if found guilty. Object of conferring penal powers upon the Adjudicating Officer is to ensure that the marke....

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.... that such an order does not have binding effect and that he would prefer to form an independent view. If every Adjudicating Officer of SEBI passes independent order without bothering to consider decision taken by another Adjudicating Officer of SEBI in similar set of circumstances, then there would be complete chaos and total lawlessness. SEBI being market regulator of the securities market, Adju....