Securities Appellate Tribunal
Evermore Share Broking Pvt Ltd vs SEBI on 20 December 2024
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date: 20.12.2024
Appeal No. 447 of 2024
Evermore Share Broking Pvt. Ltd.
….. Appellant
Versus
Securities & Exchange Board of India
… Respondent
Mr.
Abishek
Venkataraman,
Advocate
with
Mr.
KRCV
Seshachalam, Ms. Sabeena Mahadik, Mr. Mangesh Avhale, Advocates i/b Visesha Law Services for the Appellant.
Mr. Akash Rebello, Advocate with Ms. Komal Shah, Mr. Nishin Shrikhande, Ms. Nidhi Singh, Mr. Harish Ballani, Advocates i/b Vidhii Partners for the Respondent.
ORDER :
1. Admit.
2. Learned advocate for the appellant submits that the NSE conducted two inspections between December 2020 and March 2021 and April 2021 and July 2022. It has imposed a penalty of Rs. 20 lakhs and debarred the appellant from taking any new clients for a period of which he has already suffered. He further submitted that SEBI has passed an order on the same set of facts imposing a penalty of Rs. 20 lakh. He has deposited the said amount and challenged the said order in Appeal No. 447 of 2024. With these submissions, he prayed for an interim order.
Page 1 of 2
2
3. Opposing the interim order, learned advocate for the SEBI submit that the inspection period is different. Therefore, appellant may be directed to deposit some money as a condition to grant interim order.
4. There is variance with regard to the period of inspection. Admittedly, appellant has already suffered debarment. Hence the impugned order shall remain stayed.
5. Respondent is allowed four weeks time to file reply. Rejoinder be filed within two weeks thereafter. By consent, call on March 6, 2025.
Justice P. S. Dinesh Kumar Presiding Officer
Ms. Meera Swarup Technical Member
Dr. Dheeraj Bhatnagar Technical Member 20.12.2024 PTM
MRS PRAMILA Digitally signed by MRS PRAMILA Date: 2025.01.09 17:23:47 +05'30'
Page 2 of 2
Loading citations and judicial treatment…