Chairman Sebi vs Roofit Industries Ltd

The Supreme Court held that the Securities Appellate Tribunal (SAT) erred in reducing the penalty imposed under Section 15A of the Securities and Exchange Board of India Act, 1992 (SEBI Act) based on the financial condition of the Respondent, which is not a factor listed in Section 15J. The Court emphasized that the imposition of penalties must adhere strictly to statutory provisions and that considerations of impecuniosity cannot justify a reduction in penalties. The Court reinstated the original penalty of Rs. 1 crore imposed by the Adjudicating Officer, thereby reversing the SAT's decision.