Adjudicating Officer Securities And ... vs Bhavesh Pabari

The Supreme Court addressed two key questions regarding the interpretation of Section 15-J of the Securities and Exchange Board of India Act, 1992. It was held that the conditions in Section 15-J are not exhaustive but illustrative, allowing discretion to the Adjudicating Officer in determining penalties. Furthermore, the Court clarified that the discretion under Section 15-J is not eclipsed by the penalty provisions in Sections 15-A to 15-HA, affirming the authority of the Adjudicating Officer to impose penalties based on the factors outlined in Section 15-J.