SEBI's Seven-Year Delay in Proceedings Not Grounds for Dismissal Due to Lack of Prejudice Caused.

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....Period of limitation to initiate proceedings - proceedings were launched by respondent SEBI after a period seven years - for want of any prejudice the proceedings cannot be quashed simply on the ground of delay in launching the same. Further, as explained by the learned counsel for the respondent as recorded in paragraph No. 6.4 above, large numbers of entities and transactions were analyzed by SEBI which took some time.....