SECURITIES EXCHANGE BOARD OF INDIA vs M/S OPEE STOCK-LINK LTD.

The Supreme Court upheld the findings of the Securities and Exchange Board of India (SEBI) regarding violations of Section 12A(a), (b), (c) of the SEBI Act, 1992, and Regulations 3 and 4(1) concerning the cornering of shares in Initial Public Offerings (IPOs) through benami accounts. The Court emphasized the importance of protecting Retail Individual Investors (RIIs) from irregularities that undermine market integrity. The appeals by M/s. Opee Stock-Link Ltd. were dismissed, affirming SEBI's authority to regulate and ensure fair practices in the securities market.