Proceedings cannot be quashed merely for delay in launching: SAT

Pooja Vinay Jain Vs SEBI (Securities Appellate Tribunal) The issue under consideration is whether the delay in launching the proceedings by SEBI can be sustain in law? The SEBI had investigated in the trading of the scrip of Mindvision Capital Ltd. The appellant i.e. Pooja Jain was involved in fraudulent trading in shares of Mindvision Capital. She has bought 30000 shares of MCL in off-market transaction from one of the connected entity and sold the same by using the platform of the market to other entities. The appellant state that there was an inordinate delay in initiating the proceedings a...