Penalty imposed by SEBI without providing statutory opportunities to appellant is breach of principles of natural justice

Securities Appellate Tribunal, Mumbai Bench Dushyant N. Dalal versus Securities and Exchange Board of India APPEAL NO. 184 OF 2011 OCTOBER 4, 2012 ORDER S.S.N. Moorthy, Member – The adjudicating officer of the Securities and Exchange Board of India (for short the Board) imposed a penalty of Rs. 14 crores on the appellants, Dushyant Natwarlal Dalal and Puloma Dalal, on June 2, 2011. The above penalty was imposed under section 15HA of the Securities and Exchange Board of India Act, 1992 (the Act) for violating the provisions of section 12A (a), (b) and (c) of the Act read ...