Pooja Menghani vs Sebi

The Supreme Court addressed the legality of 'non-intermediary front-running' under the SECURITIES AND EXCHANGE BOARD OF INDIA (PROHIBITION OF FRAUDULENT AND UNFAIR TRADE PRACTICES RELATING TO SECURITIES MARKET) REGULATIONS, 2003. The Court held that the SEBI Appellate Tribunal must independently assess the facts and findings in cases of alleged front-running, emphasizing that prior conclusions cannot be automatically applied to similar cases without proper evaluation. The appeals were remanded for further consideration, ensuring that each case is judged on its own merits.