Thread by @barandbench

#SupremeCourt to hear the case by @SEBI_India where it fined one person for Rs 15 lakh after finding her guilty of releasing unpublished price sensitive information related to financial results of Bata India through @WhatsApp messages prior to official announcement by company

Counsel for the one on whom penalty was imposed: there is a securities appellate tribunal order in my favour and in spite of it SEBI is proceeding against me.

Sr Adv CU Singh for SEBI seeks another date

CJI: No no... what kind of an order is this?

Singh: show cause notice was issued on Feb 23.

CJI: One appeal is pending here and that is why all these applications.

Singh: not today a lot of matters passed over

CJI: How is this insider trading? how is exchange of messages on whatsapp insider trading? @SEBI_India

Singh seeks another date

CJI: You were there when notice was issued

Singh: it was in 2021

CJI: Then it was recently. I am sure it is their in your elephantine memory

Singh: it is not possible to argue today @SEBI_India

CJI: We do not want to adjourn. Do not create an embarrassing situation. You have to argue this matter. Go ahead

Singh: I do not have my file and notes too

Justice S Bhat: We turned down this request for a young man as well. Same rule for everyone. #supremecourt

Sr Adv Singh: please see financial results of the quarter. They have given entire chronology when their accounts were finalised. All these documents were internal. @SEBI_India

CJI: But she is a stock broker and what about Neeraj kumar Aggarwal. They are not related to management.

Singh: this is unpublished price sensitive information. @SEBI_India

Singh for SEBI: She was a stock broker dealing with equity dealings. Financial figures disclosed nine days before the company disclosed it. #supremecourt @SEBI_India

CJI Lalit : we asked you if they are connected to management or statutory auditor. They got it from secondary source and then forwarded on whatsapp. SAT granted relief after considering facts. Your move upsets everything and we are not willing to do that. @SEBI_India

CJI: These appeals under Section 15Z of the SEBI Act 1992 are directed against the common order passed by the SAT. The appellate tribunal by its order which is presently under challenge set aside adjudication by an officer at the end of which 15 lakh penalty was imposed

CJI: After considering the factual aspects including statutory provisions SAT found that messages in question did not origin from them but they had forwarded them. Thus in facts no liability could be fastened on appellants.

CJI: We see no reason to entertain this appeal and is thus dismissed. This dismissal in terms of facts and other questions are kept open. @SEBI_India