{"id":245918,"date":"2021-03-22T12:00:15","date_gmt":"2021-03-22T06:30:15","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=245918"},"modified":"2021-04-23T13:32:42","modified_gmt":"2021-04-23T08:02:42","slug":"stock-exchange","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/22\/stock-exchange\/","title":{"rendered":"SAT | Separate penalties by the stock exchanges can be imposed | While positing, rejects appeal"},"content":{"rendered":"

Securities Appellate Tribunal (SAT):<\/strong> A Coram of Tarun Agarwala, J., (Presiding Officer) and M.T. Joshi, J., (Judicial Member) while dismissing an appeal held that separate penalties by the stock exchanges could be imposed.<\/p>\n

In the present matter, BSE and NSE separately imposed a penalty of Rs 12 lakh for violation of Regulation 17 and 19 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations), in two consecutive quarters. The stock exchanges suspended the trading activities of the appellant considering the non-payment of penalty amount.\u00a0 The appellant contended that the default was made only in the first quarter. Further, contended that, separate penalties for the same offence cannot be imposed by the two stock exchanges separately.<\/p>\n

The Coram resultantly found defaults in both consecutive quarters. While relying on the SEBI\u2019s conscious decision in W.S. Industries (India) Limited v. BSE Ltd. (Appeal No. 8 of 2019 decided on 19.09.2019)<\/em> held that, separate penalties by the stock exchanges could be imposed.[PVP Ventures Ltd. v. Bombay Stock Exchange Ltd., 2021 SCC OnLine SAT 90<\/b><\/a>, decided on 17-03-2021]<\/p>\n","protected":false},"excerpt":{"rendered":"

Securities Appellate Tribunal (SAT): A Coram of Tarun Agarwala, J., (Presiding Officer) and M.T. Joshi, J., (Judicial Member) while dismissing an appeal <\/p>\n","protected":false},"author":67011,"featured_media":209781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[8991,29785,2627,15441,2563,37170],"class_list":["post-245918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-appeal","tag-law","tag-Penalty","tag-sat","tag-SEBI","tag-stock-exchange"],"yoast_head":"\nSAT | Separate penalties by the stock exchanges can be imposed | While positing, rejects appeal | SCC Times<\/title>\n<meta name=\"description\" content=\"Stock Exchange\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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(Presiding Officer), Dr C.K.G. Nair (Member), M.T. Joshi, J. (Judicial Member) partly allowed the appeal in the present case with no order on costs. 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Nair (Member), and Justice M.T. Joshi, (Judicial Member) directed an Adjudicating Officer to look into a matter afresh since BSE waived off the penalty imposed by them on the appellants. 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