RAJIV RANJAN SINGH vs SECURITIES AND EXCHANGE BOARD OF INDIA

Judgment text excerpt

cra370-2024-Final.doc AGK IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRIMINAL REVISION APPLICATION NO.370 OF 2024 Rajiv Ranjan Singh, Age 35 years, Occupation Unemployed Indian Inhabitant, having residence at E-2004, Aparna Sarovar, Nallagandla, Lingampalli, Serilingampally, K.V. Rangareddy, Telangana – 500 019 … Applicant V/s. 1. Securities & Exchange Board of India, A statutory Body established under the provisions of the Securities and Exchange Board of India Act, 1992, having its ATUL Head Office at Plot No.C 4-A, G Block, GANESH SEBI Bhavan, Bandra Kurla Complex, KULKARNI Digitally signed by ATUL GANESH KULKARNI Bandra East, Mumbai – 400 050 Date: 2025.09.11 13:16:03 +0530 2. The State of Maharashtra … Respondents Mr. Ashok Singh with Mr. Sameer Bothre i/by Mr. Arun Nile for the applicant. Ms. Anubha Rastogi with Mr. Aditya Joshi for respondent No.1-SEBI. Mr. Sagar R. Agarkar, APP for respondent No.2-State. CORAM : AMIT BORKAR, J. RESERVED ON : SEPTEMBER 10, 2025 PRONOUNCED ON : SEPTEMBER 11, 2025 1 cra370-2024-Final.doc JUDGMENT: 1. The applicant has challenged the order dated 18 April 2025 by which his application for discharge under Section 227 of the Code of Criminal Procedure has been rejected. The applicant is arraigned as Accused No. 5. 2. The prosecution case, in brief, is that the complaint has been filed under Section 24(1) read with Section 27, Section 12A and Sections 26 and 26B of the Securities and Exchange Board of India Act, 1992. It is also based on the SEBI (Stock Brokers) Regulations, 1992 and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003, particularly Regulation 4(1) and 4(2)(m), read with various circulars issued under Section 11 of the SEBI Act, 19