Powers of adjudicating officer of SEBI in levying penalty

Last updated: 12 January 2023

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The Supreme Court clarified the powers of SEBI's Adjudicating Officer in determining penalties. It ruled that the factors listed in Section 15J of the SEBI Act are illustrative, not exhaustive, meaning officers can consider circumstances beyond those specified when deciding the penalty amount. Furthermore, the court held that Section 15J's provisions were not eclipsed by penalty sections (15A-15HA), ensuring officers retain discretion in levying penalties, even for defaults occurring between October 2002 and September 2014.

Court :
Supreme Court of India

Brief :
PENALTIES AND ADJUDICATION PENALTY FOR FAILURE TO FURNISH INFORMATION, RETURN, ETC. SECTION 15A

Citation :
Civil Appeal No(s).11311 of 2013

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Judgement posted by

FCS Deepak Pratap Singh

Associate Vice President - Secretarial & Compliance (SBI General Insurance Co. Ltd.)

Dear Friends, MyselfFCSDeepak P. Singh ( B.Sc.. LLB, FCS. FIII, CIAFP, CRMP, ID) , A Fellow Member of ICSI, Law Graduate ,Fellow Member of Insurance Institute of India, Certified Independent Director ,Certified Insurance Anti Fraud Professional , Certified Risk Governance Professional ( ICSI-III) and cleared Limited I ... Read more

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