S.E.B.I. vs SAIKALA ASSOCIATES LTD.

The Supreme Court addressed appeals by the Securities and Exchange Board of India (SEBI) regarding the Securities Appellate Tribunal's orders, which modified penalties imposed on sub-brokers for 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, emphasizing that proportionality in penalties is permissible under Section 15(T) of the Act. The Court affirmed the Tribunal's findings that the violations did not warrant severe penalties, thereby upholding the Tribunal's decisions.