SC UPHOLDS SEBI'S POWER TO REGULATE MKTS
While asserting that the amended procedures can be applied retrospectively, the court turned down
Agarwal's submission that that the regulator cannot pass a restraint order under Section 11-B of the SEBI Act 1992 for an alleged irregularity committed prior to January 25, 1995, when the law came into effect. The apex court said that the official was not held guilty of committing any offence nor was subjected to any penalty but was merely restrained from dealing with the securities market for five years.
Agarwal's submission that that the regulator cannot pass a restraint order under Section 11-B of the SEBI Act 1992 for an alleged irregularity committed prior to January 25, 1995, when the law came into effect. The apex court said that the official was not held guilty of committing any offence nor was subjected to any penalty but was merely restrained from dealing with the securities market for five years.
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