The Chairman, Sebi vs Shriram Mutual Fund & Anr

The Supreme Court addressed the appeal under Section 15-Z of the Securities and Exchange Board of India Act, 1992, concerning the imposition of penalties for violations of the SEBI (Mutual Funds) Regulations, 1996. The Court held that once a violation of statutory regulations is established, the imposition of a penalty is mandatory, reinforcing the principle that regulatory compliance is essential for mutual funds. The penalties imposed by the Adjudicating Officer were upheld, affirming the authority of SEBI to enforce compliance through penalties.