SEBI Criticized for Delayed Proceedings Despite No Limitation Period; Urged to Act Within Reasonable Timeframe. No Penalty Imposed.

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....Delay in the initiation of the proceedings by SEBI - Even though there is no period of limitation prescribed in the Act and the Regulations for issuance of a show cause notice and for completion of the adjudication proceedings, nonetheless, the authorities are required to exercise its powers within a reasonable period. - No penalty - AT....