2019 (7) TMI 1910 - AT - SEBI

Documents necessary for the purpose of filing an appropriate reply to the show cause notice - Application filed praying for inspection of documents on the ground that it will have a material bearing for the purpose of filing the reply to the show cause notice - HELD THAT - Having heard the learned counsel for the parties and having perused the list of documents so required for inspection we are of the opinion that the documents sought for is nothing but a roving and fishing enquiry. We accordingly do not find any merit in the submission of the learned counsel for the appellant that these documents are essential for the purpose of filing an appropriate reply. If any document is relied by the respondent while disposing of the matter such document should be made available to the appellant. The appeal is accordingly disposed of.

Summary

Issues involved:
- Rejection of application for inspection of documents
- Necessity of documents for filing a reply to show cause notice
- Consideration of documents relied upon by respondent

Analysis:
The judgment by the Securities Appellate Tribunal, Mumbai, involved the rejection of an application for inspection of documents by the National Commodity & Derivatives Exchange Ltd. The appellant had filed an application seeking to inspect documents, claiming that they were crucial for preparing a reply to the show cause notice. However, the Tribunal found the requested documents to be part of a "roving and fishing enquiry" and not essential for a suitable response. Despite this, the Tribunal acknowledged that if any document was relied upon by the respondent in the case's disposal, it should be made available to the appellant. The appeal was consequently disposed of, along with the miscellaneous application in question. The judgment underscores the importance of balancing the need for relevant documents with preventing unfounded exploratory requests, ensuring fairness and transparency in the proceedings.