2025 (11) TMI 385

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...., Ms. Meera Swarup, Technical Member, And Dr. Dheeraj Bhatnagar, Technical Member For the Appellant : Mr. Deep Agarwal, Advocate For the Respondent : Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav, Mr. Abhay Chauhan and Mr. Atul Agrawal, Advocates i/b. The Law Point ORDER Per : Justice P. S. Dinesh Kumar, Presiding Officer This appeal is directed against order dated August 21, ....

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....munication regarding the said order. c) That the Appellant only recently learned about the penalty imposition, when the Recovery Proceedings were initiated and Notice of Recovery of Demand was issued vide letter dated 04.09.2024. That, the Appellant was not aware about the legal steps to be taken in such circumstances. Thereafter, on advice given by senior counsel I learnt that a....

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....500,000/- (Rupees five lakhs) under section 15-I of Securities and Exchange Board of India Act, 1992 read with Rule 5 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995." 5. We have carefully considered the rival contentions and perused the records. 6. Undisputed facts of the case are, the appellant traded in the illiquid stock options segment and executed 'buy tr....

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....as he had not received any notices or communication regarding the proceedings and order. He learnt about the order when the recovery proceedings were initiated vide letter dated 04.09.2024. The appellant has also contended that he had moved from his address at 61, Lindsay Street, 2^nd Floor, Kolkata, West Bengal - 700 013 long back. He had intimated the same to his trading broker and to the govern....