S.E.B.I. vs SUJIT KARKERA

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 held that the SEBI Appellate Tribunal must independently assess the facts and findings in each case, rather than assuming similarity between cases, thereby emphasizing the need for distinct evaluations of alleged fraudulent trading activities. The judgment clarified the procedural obligations of the Appellate Tribunal in adjudicating appeals related to market misconduct.