Supreme Court of India · 2019-02-28
ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA vs BHAVESH PABARI
- Citation / case number
- SC 2013/36291
- Court
- Supreme Court of India
- Petitioner
- ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA
- Respondent
- BHAVESH PABARI
- Author
- HON'BLE MR. JUSTICE SANJIV KHANNA
- Bench
- HON'BLE THE CHIEF JUSTICE RANJAN GOGOI, HON'BLE MR. JUSTICE L. NAGESWARA RAO, HON'BLE MR. JUSTICE SANJIV KHANNA
Judgment text excerpt
The Supreme Court addressed two key questions regarding the interpretation of Section 15-J of the Securities and Exchange Board of India Act, 1992 (SEBI Act). It held that the conditions in Section 15-J are not exhaustive and that the Adjudicating Officer has discretion in determining the quantum of penalty. Furthermore, the Court clarified that the penalty provisions in Sections 15-A to 15-HA do not eclipse the discretion granted under Section 15-J, thereby affirming the Adjudicating Officer's authority to consider additional factors in penalty assessment.