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2008 (1) TMI 608 - HIGH COURT OF BOMBAYSubstantial amendment in section 24 of the SEBI Act - Held that:- It is held that the amendment in section 24 of the SEBI Act brought into force with effect from 29-10-2002 is a substantial amendment and the amendment in section 26 of the said Act is only consequential, though procedural. The said amendments shall have prospective effect and not retrospective and, therefore, are not applicable to the above stated complaints. The complaints filed before or after 29-10-2002 but in respect of the alleged offences that have taken place prior to the said date are required to be tried by the Court to which they were presented and they are not required to be committed to the Court of Sessions. Hence the above referred complaints shall be tried by the Court they were presented at the first instance. The committal orders passed by the Court of Metropolitan Magistrate/Addl. Chief Metropolitan Magistrate/Chief Metropolitan Magistrate in the complaints referred are hereby quashed and set aside. The Court of Sessions to return the concerned complaints to the respective Courts which had passed the committal order.Trial of the complaints is expedited.
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