CHANCHAL JAIN Vs. SECURITIES EXCHANGE BOARD OF INDIA

JUDGEMENT

(1.) The petitioners, all of whom are distributors and sell mutual funds to investors have challenged the judgment and order dated 24.7.2009 passed by the learned Single Judge, dismissing WP(C) No.10390/2009, in which petition the challenge was to a policy circular laying down guidelines; being the circular dated 30.6.2009.

(2.) Relevant portion of the circular which was challenged reads as under:-

(3.) Challenge to the circular was on the ground that SEBI did not have any power to issue such kind of circulars i.e. that the subject matter of the circular was beyond the powers vested in SEBI.