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Ketan Bharat Parekh v/s Securities & Exchange Board of India SEBI Bhavan

    Appeal No. 583 of 2021

    Decided On, 01 June 2022

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

    By, THE HONOURABLE MR. JUSTICE TARUN AGARWALA
    By, PRESIDING OFFICER & THE HONOURABLE MS. MEERA SWARUP
    By, TECHNICAL MEMBER

    For the Appellant: Kunal Katariya, Advocate, Sahebrao Wamanrao Buktare, Ravi Vijay Ramaiya, Chartered Accountant i/b Shah & Ramaiya, Chartered Accountants. For the Respondent: Akash Rebello, Nidhi Singh, Deepti Mohan, Binjal Samani, Aditi Palnitkar, Moksha Kothari, Advocates i/b Vidhii Partners.



Judgment Text

Tarun Agarwala, Presiding Officer

Oral:

1. We have heard the learned counsel for the parties. The present appeal has been filed against the order dated June 30, 2021 passed by the Whole Time Member (‘WTM’ for short) of the Securities and Exchange Board of India (‘SEBI’ for short) confirming the ex parte ad interim order whereby appellant was restrained from accessing the securities market. We have been informed that now a show cause notice dated May 27, 2022 has been issued. Considering the aforesaid and without going into the merits of the confirmatory order we dispose of the appeal with the following directions:-

(i) The appellant shall file a reply to the show cause notice on or before July 1, 2022.

(ii) The WTM will issue a date for hearing within two weeks thereafter.

(iii) If the matter is not concluded on the date fixed the WTM will ensure that the hearing is completed within two months thereafter.

(iv) Final order, if any, should be passed within four months from the last date of hearing.

(v) In the event the matter is not decided within the aforesaid period, it would be open to the appellant to file an application in the present appeal for modification / vacating the confirmatory order.

2. The appeal is disposed of with no order as to costs.

3. This order will be digitally signed by the Private Secretary on behalf of the bench and all concerned p

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arties are directed to act on the digitally signed copy of this order. Certified copy of this order is also available from the Registry on payment of usual charges.
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