SECURITIES AND EXCHANGE BOARD OF INDIA vs PAN ASIA ADVISORS LTD.

The Supreme Court addressed the jurisdiction of the Securities and Exchange Board of India (SEBI) under the SEBI Act, 1992, to initiate proceedings against Pan Asia Advisors Ltd. for alleged fraud related to Global Depository Receipts (GDRs). The Court held that SEBI had the authority to impose a ten-year debarment on the respondents from accessing the capital market, affirming the need for regulatory oversight in securities transactions. The appeal by SEBI was allowed, reinstating the order against the respondents.