Securities And Exchange Board Of India vs Terrascope Ventures Limited Etc. Etc

The Supreme Court examined the correctness of the Securities Appellate Tribunal's order setting aside penalties imposed by the Adjudicating Officer on Terrascope Ventures Limited and its directors for violations of SEBI regulations and the Securities Contracts (Regulation) Act. The Court considered procedural aspects including service of notices and the merits of the penalty imposition under the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003. The appointment of amicus curiae was made to assist the Court in the absence of respondent appearances. The judgment ultimately addresses the enforcement of securities market regulations and the scope of SEBI's adjudicatory powers.