w w w . L a w y e r S e r v i c e s . i n



Edelweiss Broking Limited v/s National Stock Exchange of India Limited


Company & Directors' Information:- EDELWEISS BROKING LIMITED [Active] CIN = U65100GJ2008PLC077462

Company & Directors' Information:- NATIONAL STOCK EXCHANGE OF INDIA LTD. [Active] CIN = U67120MH1992PLC069769

Company & Directors' Information:- R. J. STOCK BROKING PRIVATE LIMITED [Active] CIN = U67120MH1994PTC082156

Company & Directors' Information:- S R STOCK BROKING PRIVATE LIMITED [Active] CIN = U67120WB1999PTC088740

Company & Directors' Information:- NATIONAL CO LTD [Strike Off] CIN = U51909WB1917PLC002781

Company & Directors' Information:- K B STOCK BROKING PRIVATE LIMITED [Active] CIN = U05110MP2005PTC017568

Company & Directors' Information:- S S G BROKING PRIVATE LIMITED [Active] CIN = U67120MH2000PTC127247

Company & Directors' Information:- K V STOCK BROKING PRIVATE LIMITED [Active] CIN = U67120GJ2012PTC070941

Company & Directors' Information:- A J BROKING PRIVATE LIMITED [Strike Off] CIN = U67190KA2010PTC056235

Company & Directors' Information:- A STOCK & CO LTD [Under Liquidation] CIN = U51503WB1961PLC025135

Company & Directors' Information:- NATIONAL CORPORATION PVT LTD [Not available for efiling] CIN = U51909PB1942PTC000480

Company & Directors' Information:- M A STOCK BROKING PRIVATE LIMITED [Strike Off] CIN = U67120MH2000PTC129127

Company & Directors' Information:- A. D. BROKING PRIVATE LIMITED [Strike Off] CIN = U67120GJ2009PTC058562

Company & Directors' Information:- STOCK EXCHANGE COMPANY LIMITED [Strike Off] CIN = U99999KA1924PLC000128

    Misc. Application No. 188 of 2020 (Urgency & Interim Relief) & Appeal (L) No. 201 of 2020

    Decided On, 17 July 2020

    At, SEBI Securities amp Exchange Board of India Securities Appellate Tribunal

    By, THE HONOURABLE MR. JUSTICE TARUN AGARWALA
    By, PRESIDING OFFICER
    By, THE HONOURABLE DR. C.K.G. NAIR
    By, MEMBER & THE HONOURABLE MR. JUSTICE M.T. JOSHI
    By, JUDICIAL MEMBER

    For the Appellant: Somasekhar Sundaresan, Sameer Pandit, Yugandhara Khanwilkar, Krina Gandhi, Atul Bapna, i/b Wadia Ghandy & Co., Advocates. For the Respondent: Venkatesh Dhond, Senior Advocate, S. Vivek, Aditya Sikka, Drishti Das, i/b Cyril Amarchand Mangaldas, Advocates.



Judgment Text


1. We have heard Shri Somasekhar Sundaresan, the learned counsel for the appellant and Shri Venkatesh Dhond, the learned senior counsel appearing for the respondent. A penalty of Rs. 1,80,10,000/- has been imposed upon the appellant for non adherence to leverage and exposure limits while granting the margin trading facility. As per the impugned order, the circular of SEBI dated August 1, 2017 has been violated. This circular allows a person to take a loan from promoters or the directors. In the instant case, we find that the appellant had taken a loan from the promoters group. The short question which arises for our consideration is, whether a promoter group can be included in the definition of promoter as defined in the Companies Act / SEBI Regulations. This requires consideration.

2. We accordingly direct the respondent to file a reply within three weeks from today. Three weeks thereafter to the appellant to file a rejoinder. The matter would be listed for admission and for final disposal on August 27, 2020.

3. We also direct all the parties to approach the Registrar of this Tribunal 48 hours before the date fixed in order to find out as to whether the present appeal would heard through video conference or through physical hearing depending on the prevailing situation.

4. Considering the aforesaid, we stay the effect and operation of the impugned order provided the appellant deposits 50% of the amount of the penalty within three weeks from today which shall be kept in an interest bearing Escrow account by the respondent and would be subject to the result of the appeal. Misc. Application is accordingly disposed of.

5. The present matter was heard through video conference due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a certified copy of this order could be issued by the registry. In these circumstances, this order will be digitally signed by the P

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residing Officer on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Parties will act on production of a digitally signed copy sent by fax and/or email.
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