{"id":217381,"date":"2019-07-26T18:04:07","date_gmt":"2019-07-26T12:34:07","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=217381"},"modified":"2019-08-01T13:14:17","modified_gmt":"2019-08-01T07:44:17","slug":"sat-mode-of-service-prescribed-under-r-7-of-sebi-rules-1995-not-exhaustive-not-serving-show-cause-notice-violative-of-principles-of-natural-justice","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/26\/sat-mode-of-service-prescribed-under-r-7-of-sebi-rules-1995-not-exhaustive-not-serving-show-cause-notice-violative-of-principles-of-natural-justice\/","title":{"rendered":"SAT | Mode of service prescribed under R. 7 of SEBI Rules, 1995 not exhaustive; not serving show cause notice violative of principles of natural justice"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Securities Appellate Tribunal (SAT):<\/strong> Coram of Justice Tarun Agarwala (Presiding Officer), Dr C.K.G. Nair (Member), and Justice M.T. Joshi (Judicial Member) set aside the impugned order in this case. The appellant challenged an ex-parte order passed against him alleging that he was not served properly and therefore the impugned order was against the principles of natural justice as under Article 14 of the Constitution. The appellant, being the Managing Director of Sigrun Holdings Ltd. (SHL) sold 45,000 shares of the company on 24-05-2010, while having knowledge\/possession of the adverse quarterly result of SHL based on sensitive information which had not yet been made public, without the authorization of the board.\u00a0 The adjudicating officer imposed heavy penalties on the appellant in an order citing the various SEBI regulations which had been violated.<\/p>\n<p style=\"text-align: justify;\">The appellant, being aggrieved by the said order, filed an appeal on the ground that the impugned order is an ex-parte order and that he had no knowledge of the proceedings initiated by the Adjudicating Officer. The Appellant has alleged that he did not receive the show cause notice for the proceedings by the Adjudicating Officer and the proper procedure for service of the same has not been followed as under Rule 7 of the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995.<\/p>\n<p style=\"text-align: justify;\">The Court held that the respondent was in violation of Rule 7 as stated above as they had not tried to personally serve the appellant at the place where he carried on business or had worked for gain and had instead directly moved on to affixation which does not comply with the procedure laid down in Rule 7. The Court further said that <em>\u201cmode of service prescribed under Rule 7 is not exhaustive and other modes of service was always available in addition to the modes of service prescribed under Rule 7 i.e. for example publication of the notice in an appropriate newspaper or service through email.\u201d<\/em><\/p>\n<p style=\"text-align: justify;\">Thus, the Court set aside the impugned order in the interest of natural justice and in violation of the principles of natural justice as embodied under Article 14 of the Constitution of India and ordered the Adjudicating Officer to comply with the proper procedure.[C.R. Rajesh Nair v. Securities &amp; Exchange Board of India, <a href=\"http:\/\/scconline.com\/DocumentLink\/Ls4jPRQk\"><b>2019 SCC OnLine SAT 71<\/b><\/a>, decided on 18-07-2019]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Securities Appellate Tribunal (SAT): Coram of Justice Tarun Agarwala (Presiding Officer), Dr C.K.G. Nair (Member), and Justice M.T. Joshi (Judicial Member) set <\/p>\n","protected":false},"author":8808,"featured_media":209781,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[31574,11611,36815,18281],"class_list":["post-217381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-ex-parte-order","tag-principles-of-natural-justice","tag-rule-7-of-sebi-procedure-for-holding-inquiry-and-imposing-penalties-by-adjudicating-officer-rules","tag-show-cause-notice"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SAT | Mode of service prescribed under R. 7 of SEBI Rules, 1995 not exhaustive; not serving show cause notice violative of principles of natural justice | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/26\/sat-mode-of-service-prescribed-under-r-7-of-sebi-rules-1995-not-exhaustive-not-serving-show-cause-notice-violative-of-principles-of-natural-justice\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SAT | Mode of service prescribed under R. 7 of SEBI Rules, 1995 not exhaustive; not serving show cause notice violative of principles of natural justice\" \/>\n<meta property=\"og:description\" content=\"Securities Appellate Tribunal (SAT): Coram of Justice Tarun Agarwala (Presiding Officer), Dr C.K.G. 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Joshi (Judicial Member), while dismissing the appeals at the admission stage on not finding any merit, was of the opinion that, there was an application of mind on the basis of which the opinion\u2026","rel":"","context":"In &quot;Case Briefs&quot;","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":274351,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/09\/24\/supreme-court-special-leave-petition-securities-and-exchange-board-of-india-show-cause-notice-bombay-high-court-sebi-prohibition-of-fraudulent-and-unfair-trade-practices-relating-to-securities\/","url_meta":{"origin":217381,"position":2},"title":"Supreme Court observes documents relied upon for formation of opinion under Rule 3 of the SEBI Adjudication Rules 1995, not required to be disclosed to the noticee unless relied upon in the inquiry","author":"Editor","date":"September 24, 2022","format":false,"excerpt":"Supreme Court: In a special leave petition against the impugned judgment passed by the Bombay High Court, whereby, the Court dismissed the writ petition filed by the petitioner to sought directions against Securities and Exchange Board of India (SEBI) to forthwith furnish the documents relied upon by them to issue\u2026","rel":"","context":"In &quot;Case Briefs&quot;","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\/09\/Supreme-Court-1.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/Supreme-Court-1.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/Supreme-Court-1.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/Supreme-Court-1.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/Supreme-Court-1.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":222303,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/19\/sat-money-collected-from-investors-through-ncds-to-be-returned-with-interest-in-being-found-accountable-under-s-5g-of-companies-act\/","url_meta":{"origin":217381,"position":3},"title":"SAT | Money collected from investors through NCDs to be returned with interest in being found accountable under S. 5(g) of Companies Act","author":"Bhumika Indulia","date":"November 19, 2019","format":false,"excerpt":"Securities Appellate Tribunal (SAT): Coram of Justice Tarun Agarwala (Presiding Officer), Justice M.T. Joshi (Judicial Member), and Dr C.K.G. Nair (Member), dismissed the appeal filed by the appellant and affirmed the order passed by the Whole Time Member (\u2018WTM\u2019) of SEBI. WTM had passed an order against the appellants under\u2026","rel":"","context":"In &quot;Case Briefs&quot;","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":294818,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/06\/17\/calcutta-high-court-power-of-reopening-of-assessment-be-used-for-adequate-reason-legal-news\/","url_meta":{"origin":217381,"position":4},"title":"Income Tax| Power of reopening of assessment should be sparingly used for adequate reason: Calcutta High Court","author":"Ritu","date":"June 17, 2023","format":false,"excerpt":"The principles of natural justice get violated if the opportunity afforded to submit reply is not an effective opportunity.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"calcutta high court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/calcutta-high-court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/calcutta-high-court.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/calcutta-high-court.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/calcutta-high-court.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":266229,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/30\/principles-of-natural-justice\/","url_meta":{"origin":217381,"position":5},"title":"Jhar HC | Principles of natural justice required to be followed and cannot be waived out depending upon quantum of punishment; Reiterated mandate of natural justice in blacklisting cases","author":"Editor","date":"April 30, 2022","format":false,"excerpt":"Jharkhand High Court: A Division Bench of Ravi Ranjan, CJ and Sujit Narayan Prasad, J. allowed the appeal and quashed the impugned order as it suffers from material irregularities. 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