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2023 (10) TMI 1496 - SC - SEBIFraudulent and Unfair Trade Practices under SEBI Act -manipulation or structured trade - imposition of penalties for creating misleading appearance of trading through miniscule trades - HELD THAT - No error in the orders of the Securities Appellate Tribunal 2023 (5) TMI 1419 - SECURITIES APPELLATE TRIBUNAL MUMBAI and 2023 (7) TMI 1546 - SECURITIES APPELLATE TRIBUNAL MUMBAI wherein contention that there was no manipulation or structured trade is patently erroneous in as much as we find that the trading pattern of the buyers and the sellers was that they traded in close proximity of time inter-se between them. Appeals are accordingly dismissed.
The Supreme Court of India, comprising Hon'ble Justices Dr. Dhananjaya Y Chandrachud, J. B. Pardiwala, and Manoj Misra, reviewed appeals against the orders of the Securities Appellate Tribunal dated 19 May 2023 and 07 July 2023. The Court found "no error" in these orders related to Review Application No 25 of 2023 in Appeal No 624 of 2022 and Review Application No 26 of 2023 in Appeal No 625 of 2022. Consequently, the appeals were dismissed, and any pending applications were disposed of.
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