S E B I Vs. SAIKALA ASSOCIATES LTD

JUDGEMENT

(1.) In both these appeals common points are involved and are, therefore, taken up together for disposal. In both these appeals challenge by the Securities and Exchange Board of India (in short 'SEBI') is to the order passed by the Securities Appellate Tribunal (in short the Tribunal').

(2.) Factual Position is almost undisputed and in respect of the appellants stand as follows :

(3.) The only question is whether Tribunal has power to modify the penalty imposed by SEBI According to the appellant the Tribunal had no jurisdiction to modify the sentence. The Tribunal in each case held that the proved charges against the respondent were not serious enough to warrant suspension of certificate of registration.