S.E.B.I vs Saikala Associates Ltd

The Supreme Court addressed appeals by the Securities and Exchange Board of India (SEBI) against the Securities Appellate Tribunal's orders, focusing on violations of Section 12(1) of the Securities and Exchange Board of India Act, 1992, and related rules. The Court held that the Tribunal has the jurisdiction to modify penalties imposed by SEBI, affirming that proportionality in penalties is permissible under Section 15(T) of the Act. The Court found that while violations occurred, the Tribunal's discretion in modifying penalties was valid and within its authority.