DESH BANDHU GUPTA & CO. & ORS. vs DELHI STOCK EXCHANGE ASSN. LTD.

The Supreme Court upheld the legality of a notification issued under Section 16(1) of the Securities Contracts (Regulation) Act, 1956, which banned forward trading in shares. The Court found that the directions for closing out existing contracts and the demand for interim margins were valid and in accordance with the notification's provisions. The appellant's contention that the demand for interim margins was illegal was rejected, affirming the respondent's actions as proper and legal.