SECURITIES vs DIPAK PATEL

The Supreme Court addressed the legality of 'non-intermediary front-running' in the securities market under the SECURITIES AND EXCHANGE BOARD OF INDIA (PROHIBITION OF FRAUDULENT AND UNFAIR TRADE PRACTICES RELATING TO SECURITIES MARKET) REGULATIONS, 2003. The Court emphasized that the SEBI Appellate Tribunal must independently assess findings and conclusions regarding penalties imposed on individuals involved in front-running activities. The judgment clarified that the Appellate Tribunal's reliance on previous cases without independent evaluation was erroneous, leading to the remand of certain cases for proper adjudication.