SIDDHARTH CHATURVEDI vs SECURITIES AND EXCHANGE BOARD OF INDIA

The Supreme Court examined the interplay between Section 15A and Section 15J of the Securities and Exchange Board of India Act, 1992, in the context of penalties imposed for violations of insider trading regulations. The Court held that while the appellants did violate mandatory regulations, the nature of the violations was technical and did not warrant severe penalties, as there was no disproportionate gain or unfair advantage involved. The penalties imposed by the Adjudicating Officer were deemed not excessively harsh, and the appeals were dismissed, affirming the Tribunal's decision.