{"id":214740,"date":"2019-05-16T18:00:30","date_gmt":"2019-05-16T12:30:30","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=214740"},"modified":"2019-05-23T17:49:09","modified_gmt":"2019-05-23T12:19:09","slug":"sat-an-order-without-reasons-is-violative-of-article-14-of-constitution-appeal-allowed-in-light-of-clause-17-of-the-nse-rules","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/05\/16\/sat-an-order-without-reasons-is-violative-of-article-14-of-constitution-appeal-allowed-in-light-of-clause-17-of-the-nse-rules\/","title":{"rendered":"SAT | An order without reasons is violative of Article 14 of Constitution; appeal allowed in light of Clause 17 of the NSE Rules"},"content":{"rendered":"

Securities Appellate Tribunal (SAT), Mumbai<\/strong> : The Bench of Tarun Agarwala, J. (Presiding Officer) and C.K.G. Nair (Member) and M.T. Joshi, J., (Judicial Member) allowed the appeal filed questioning the veracity and legality of the order passed by the Disciplinary Action Committee of the National Stock Exchange of India Limited by which the appellant who is a broker was expelled from the membership of the NSE.<\/p>\n

The appellant filed a review application on 27-02-108, and the review application was rejected. Prakash Shah, the counsel for the appellant, had put forward Clause 17 of the NSE Rules which provides a provision for reconsideration\/review of its orders. It states that \u201caccording to the provisions of the Securities Contracts (Regulation) Rules, 1957 the relevant authority may of its own motion or on appeal by the trading member concerned within 90 days from the date of communication of decision of the relevant authority to the member reconsider and may rescind, revoke or modify its resolution\u2026 In a like manner, the relevant authority may rescind, revoke or modify its resolution expelling or suspending any trading member.\u201d The applicant further stated that two boxes were placed before the DAC. In one box it was written \u2018Review Rejected\u2019 and in the other box it was written \u2018Review Accepted\u2019. The DAC ticked the box which contained the message \u2018Review Rejected\u2019 without any application of mind.<\/p>\n

The Tribunal held that review application was required to be dealt after giving an opportunity of hearing to the appellant which in the instant case was not done. It was also opined that a reasoned and speaking order should have been passed by the DAC. There was a total absence of expression or opinion giving reasons for rejecting the review application. The impugned order was, thus, violative of Article 14 of the Constitution of India and cannot be sustained. The Tribunal quashed the review order and remitted the matter again to the DAC to decide the review application afresh after giving an opportunity of hearing the applicant. The appeal was thus allowed. [CPR Capital Services Ltd. v. NSE Ltd., 2019 SCC OnLine SAT 27<\/b><\/a>, decided on 09-05-2019]<\/p>\n","protected":false},"excerpt":{"rendered":"

Securities Appellate Tribunal (SAT), Mumbai : The Bench of Tarun Agarwala, J. (Presiding Officer) and C.K.G. Nair (Member) and M.T. 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In the present matter, BSE and NSE separately imposed a penalty of Rs 12 lakh for violation\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":6775,"url":"https:\/\/www.scconline.com\/blog\/post\/2015\/09\/11\/court-imposes-50-lakh-penalty-on-national-stock-exchange\/","url_meta":{"origin":214740,"position":3},"title":"Court imposes 50 lakh penalty on National Stock Exchange","author":"Sucheta","date":"September 11, 2015","format":false,"excerpt":"Bombay High Court: In a significant judgment, a bench comprising of G.S. Patel, J dismissed an application for injunction in a defamation action brought by the National Stock Exchange of India (NSE) for an article published in a financial news website. The article in question was based on a letter\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":196120,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/05\/19\/sat-transactions-in-nature-of-loan-not-liable-for-relief-accorded-by-investor-protection-fund\/","url_meta":{"origin":214740,"position":4},"title":"SAT: Transactions in nature of loan not liable for relief accorded by Investor Protection Fund","author":"Saba","date":"May 19, 2018","format":false,"excerpt":"Securities Appellate Tribunal: SAT, Mumbai dismissed two appeals claiming compensation from the National Stock Exchange\u2019s Investor Protection Fund stating that loan transactions were not protected by the NSE bye-laws. The appellants opened a trading account with one Kassa FinServ (\u201cKassa\u201d) by depositing some money and receiving interest\/loyalty bonus on the\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/appoointment.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/appoointment.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/appoointment.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/appoointment.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/appoointment.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":266028,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/27\/once-a-statute-is-repealed-will-subordinate-legislation-made-under-statute-ceases-to-have-effect-or-can-it-be-avoided-by-a-saving-clause-sat\/","url_meta":{"origin":214740,"position":5},"title":"Once a statute is repealed, will subordinate legislation made under statute ceases to have effect or can it be avoided by a saving clause? SAT elaborates","author":"Bhumika Indulia","date":"April 27, 2022","format":false,"excerpt":"Securities Appellate Tribunal, Mumbai (SAT): The Coram of Justice Tarun Agarwala (Presiding Officer) and Justice M.T. Joshi (Judicial Member) and Meera Swarup (Technical Member) expressed that, \u201cA statute after its repeal is completely obliterated as it had never been enacted. The effect is to destroy all inchoate rights and all\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/SATRepeal.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/SATRepeal.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/SATRepeal.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/SATRepeal.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/SATRepeal.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/214740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=214740"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/214740\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/209781"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=214740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=214740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=214740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}