Mahesh Ratilal Shah vs Union Of India & Ors

The Supreme Court addressed a writ petition challenging the recognition of the Bombay Stock Exchange (BSE) under the Securities Contracts (Regulation) Act, 1956, citing Sections 7 and 9. The Court held that the Securities and Exchange Board of India (SEBI) has the authority under Section 11 of the SEBI Act, 1992, to regulate the securities market and protect investor interests. The petitioner's claims of being defrauded through forged share certificates were acknowledged, but the Court ultimately upheld the regulatory framework, emphasizing the need for compliance with statutory provisions.