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SEBI Tribunal Overturns Interim Order, Cites Lack of Urgency; Court Limits Precedent Use for Future Cases.

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....Power of SEBI to pass an ex parte interim order - Tribunal was on the facts of the case correct in setting aside the ex-parte order of the Whole Time Member on the ground that no urgency has been made out to sustain such an order, it is necessary for this Court to clarify that the interpretation which has been placed by the Tribunal on the powers of SEBI, particularly in paragraph 9 of the impugned order, which has been extracted above, shall not be cited as a precedent in any other case. - SC....

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SEBI Tribunal Overturns Interim Order, Cites Lack of Urgency; Court Limits Precedent Use for Future Cases.