Friday, April 15, 2011

SEBI CANNOT IMPOSE PENALTY U/S 11B

A recent decision of the Securities Appellate Tribunal (SAT) has once again underlined the principle that the power of the Securities and Exchange Board of India (SEBI) to issue directions under Section 11B of the Securities and Exchange Board of India Act, 1992 (SEBI Act) cannot be used to impose penalties.

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