HC dismisses ILFS’s plea challenging SEBI’s SCN imposing penalty

IL & FS Financial Services Limited Vs SEBI (Bombay High Court) Conclusion: Show-cause notice issued for imposition of penalty under section 15HB and 15A(b) of the SEBI Act for violating the provisions of LODR Regulations was according to section 15-I(3) with second proviso or not, that could be decided by the authority at the time of considering the show cause notice on its own merits. Held: Assessee-company was challenging the SCN issued by the Enforcement Department of the respondent under section 15-I(3) of the Securities and Exchange Board of India Act, 1992 calling upon assessee to sh...