RAJIV RANJAN SINGH Vs. SECRURITIES & EXCHANGE BOARD

JUDGEMENT

(1.) The applicant has challenged the order dtd. 18/4/2025 by which his application for discharge under Sec. 227 of the Code of Criminal Procedure has been rejected. The applicant is arraigned as Accused No. 5.

(2.) The prosecution case, in brief, is that the complaint has been filed under Sec. 24(1) read with Sec. 27, Sec. 12A and Ss. 26 and 26B of the Securities and Exchange Board of India Act, 1992. It is also based on the SEBI (Stock Brokers) Regulations, 1992 and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003, particularly Regulation 4(1) and 4(2)(m), read with various circulars issued under Sec. 11 of the SEBI Act, 1992, and further read with Ss. 193 and 200 of the Code of Criminal Procedure, 1973.

(3.) Accused No.1, Karvy Stock Broking, was registered as a stockbroker and as a Depository Participant with SEBI. It was also registered with NSE, BSE, NSDL, and CDSL. Accused No.2 was the Managing Director and promoter of the company. The present applicant, Accused No.5, was its Chief Executive Officer. All these persons were in charge of and responsible for the conduct of the business of Accused No.1 at the relevant time when the alleged offence took place.