Revision petition dismissed; regulatory exoneration not bar to criminal trial; prima facie case under SEBI Act s.24(1)/s.27(1) and s.227 CrPC

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....The HC dismissed the revision petition and upheld the Special Judge's refusal to discharge the anonymized applicant; the court held that regulatory/adjudicatory exoneration did not bar criminal prosecution because the adjudicating order lacked a detailed, clear declaration of innocence and contained adverse findings bearing on the applicant's role as CEO. Applying settled principles, the HC found prima facie material - inspection reports, forensic audit, exchange reports and account records - sufficient to raise strong suspicion of offences under s.24(1) read with s.27(1) of the SEBI Act and to satisfy the limited threshold at the s.227 CrPC stage; therefore charges may be framed and trial shall proceed.....