ANUJ MALIK Vs. UNION OF INDIA

JUDGEMENT

(1.) By way of the present common judgment, we proceed to decide the instant batch of three civil writ petitions, since there is commonality of the facts and congruity of legal issues therein, as stated by learned rival counsel. The details of these writ petitions read, thus:

(2.) The petition in hand has been preferred under Article 226 of the Constitution of India with the following substantive prayer:

(3.) Learned senior counsel for the petitioner has urged that, the petitioner by way of the present public interest litigation, is seeking to bring forthwith the unchecked proliferation of online "opinion trading" platforms that, under the guise of innovation, are conducting large-scale betting and gambling activities in blatant violation of statutory laws. It has been argued that, despite a robust legal frame-work being in place, the law is being flouted by use of misleading advertisement and unregulated financial systems. Learned senior counsel has iterated that, in case appropriate action is not undertaken, such platforms would continue to dupe gullible users. It has been further iterated that these ubiquitous online platforms, through a mendacious deployment of nomenclature evocative of legitimate securities trade and exchange, disingenuously present themselves as veritable investment and trading conduits. However, a meticulous scrutiny of the activities transacted thereon unequivocally reveals them to be fundamentally imbued with the characteristics of pure gambling and wagering. Learned senior counsel has further implored that since these platforms, by their very nature & operation, are utterly devoid of the indica of genuine financial investment, and rather are gambling and betting with a cloak of investment platforms, it is incumbent upon this Court to pass appropriate directions to the respondents, so that gullible users may be saved.