TaxTMI 
TaxTMI 
2026 (1) TMI 1583
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....Pai, 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 presented assailing communications dated July 14 and 22, 2025; and September 1, 2025, issued by the SEBI [Securities and Exchange Board of India] in response to appellants request for documents and with a prayer to direct SEBI to furnish the documents; and to permit cross-examination of relevant entities. 2. We have heard Shri Gaurav Joshi, learned Senior Advocate for the appellants and Shri Shiraz Rustomjee, learned Senior Advocate for the SEBI. 3. Brief facts of the case are, appellant No. 1 is a private limited company and appellant No. 2 is its Director. SEBI re....
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....Complainants (including the Zoom meetings/recordings/transcripts of the meeting dated October 26, 2003 and October 30, 2023 between Respondent and the said Advocate). 4. Appellants requests' SEBI to provide them with the Break-up/Rationale/ Details of impounding/ disgorgement amount allegedly calculated by SEBI vis-à-vis allegation in Ex-Parte Order i.e. providing tips/UIA/Trading activities. 5. Copy of Evidence/Screenshots/Videos/ Clippings to demonstrate that impugned UI activity was conducted in Option Multiplier (OM) course. 6. Copy of Evidence/Screenshots/Videos/ Clippings to demonstrate that impugned UI activity was conducted in LMIT course. 7. Copy of Evidence/Screenshots/Videos/ Clippings to demonstrat....
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....ourse, records of payments made by the complainants etc. 6. After substantial argument, appellants have restricted their request for the documents noted in paragraph 4 above. We have considered the rival contentions with regard to each item. 7. Request No. 1 is to provide the name of complainants, their mobile number, email ID and course availed. SEBI's reply is, that the names of the complainants have been masked to ensure confidentiality and disclosure of names may endanger their life and physical safety. In our view, this stand is not tenable. We say so because, the adjudication order to be passed by the SEBI will meet the appellants with civil consequences. Therefore, to effectively defend their cause, appellants are entitled to k....
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.... screenshots/videos/clippings which show that impugned unregistered investment activity was conducted in Option Multiplier (OM) course; copy of evidence/screenshots/videos/ clippings which show that impugned unregistered investment activity was conducted in LMIT course. Shri Joshi on instructions submitted that appellants do not press for these documents. 12. Request No. 7 is for copies of evidence/screenshots/ videos/clippings to show that appellants' activities were conducted in all other educational courses (around 30+ courses) conducted by them over a period of 5 years (between 2019 to 2024). SEBI's stand is as follows: • The grievance raised is not a request for inspection but relates to the validity of the case made....