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Interpretation of directives issued by the second respondent under the Securities and Exchange Board of India Act, 1992 and the Depositories Act, 1996. Analysis: The judgment involves a series of directives issued by the second respondent on 27-4-2006 concerning the petitioner, including restrictions on securities market activities and depository participant operations. The petitioner challenges the validity of these directives, arguing that the power to delegate under the 1996 Act is not provided, and only SEBI, not the second respondent, can issue such directions. The petitioner contends that the interim directives are subject to modification after providing an opportunity for the petitioner to be heard, as per para 17.18 of the order. Additionally, a clarificatory order on 28-4-2006 mandates clients of Karvey DP to switch to another depository participant within 15 days, which the petitioner objects to as it could prejudice their case before being heard. The Court notes that the regulatory directives issued on 27-4-2006, partially modified by the clarification on 28-4-2006, do not necessitate immediate switching of DP transactions before the petitioner's objections submission deadline. Consequently, the Court suspends the directives of the respondents regarding the mandatory switching of DP transactions, while allowing the operation of the original order and the first paragraph of the clarification. This suspension applies only to the writ petitioner until final orders are issued by the respondents.
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