The Supreme Court asked on Thursday market regulator Securities and Exchange Board of India and some stock brokers to file written submissions in a case relating to modification of penalty imposed on intermediaries.
A bench headed by Justice Arijit Pasayat asked for the submissions while hearing a case filed by Sebi, challenging the power of Securities Appellate Tribunal to modify the nature of penalty imposed by it on stock brokers who violated the Sebi Act 1992.
SAT had earlier converted the penalty of suspension of certificate of registration issued by Sebi to sub-brokers Saikala Associates and Shipla Stock Brokers Pvt Ltd to monetary penalty of Rs 300,000 and Rs 100,000, respectively.
Sebi's contention was that instead of modifying the quantum of penalty, which it was empowered to do under Section 15T(4)
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