SECURITIES AND EXCHANGE BOARD OF INDIA vs CLASSIC CREDIT LTD.

The Supreme Court addressed the jurisdictional issue regarding the trial of offences under the Securities and Exchange Board of India Act, 1992, specifically under Section 26(2). The Court held that for offences committed prior to 29.10.2002, the trial must be conducted by a Metropolitan Magistrate or a Judicial Magistrate of the first class, as the amendments introduced by the 2002 Amendment Act do not have retrospective effect. Consequently, the Court affirmed the necessity of adhering to the original provisions of the SEBI Act for such cases, ensuring that the appropriate forum is maintained for trials based on the timing of the alleged offences.