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TMI Blog2005 (3) TMI 471X X X X Extracts X X X X X X X X Extracts X X X X ..... rd of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995, regulation 12, and the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003, regulation 11, for the role he played in the process of irregular allotment of preferential shares by Padmini Technologies Ltd. in the year 1999. 3. Section 30 of the Securities and Exchange Board of India Act, 1992 empowered the Board [Securities and Exchange Board of India (SEBI)] to make regulations for carrying out the purposes of the Act. In exercise of such power, it first made the 1995 Regulations, which were repealed by the 2003 Regulations (now in force) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tries Ltd. v. State of Orissa AIR 1991 SC 672. 6. With due respect to the counsel, I just do not see how the authorities cited to me can be of any assistance in deciding the question raised by the petitioner. It is not his case that because of repeal of the Old Regulations the Board lost its power to conclude the pending investigation. This is the reason why I am not dealing with the authorities which command great respect and explain unexceptionable propositions of law regarding effect and interpretation of non obstante clause in an enactment. 7. The New Regulations are divided into three Chapters. The First Chapter, headed 'Preliminary', contains regulations 1 and 2 dealing with short title and commencement, and definitions respectively ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e case. 9. I find that provisions in clauses (e) to (h) of regulation 11(1) of the New Regulations are nothing but improved versions of the old provisions in clauses (a) to (d ) (there was nothing more) of regulation 12 of the repealed Regulations. The new regulations, in fact, do not enlarge the scope of power of the Board as to the things mentioned in clauses (a) to (d) of its regulation 11(1). The measures indicated in clauses (a) to (d) of regulation 11(1) are, in substance, identical with the already existing ones mentioned in clauses (a) to ( d) of section 11(4) of the Act. In the clauses, some powers of the Board were enumerated specifically, without prejudice to the general power given to it by sections 11 and 11B of the Act. They ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... counsel for the petitioner to regulation 11 of the New Regulations, that it being a piece of substantive law shall not apply to the investigation started against the petitioner under the Old Regulations (since repealed), is not acceptable. In my reading and understanding nothing in regulation 11 of the New Regulations falls in the field of substantive law. 12. It seems to me that regulation 11 of the New Regulations prescribes the manner in which the Board shall take the interim measures till the time it takes the final decision under sections 11(1), (2), (2A) and (3), and 11B of the Act. The several different preventive measures mentioned therein are intended chiefly to ensure a purposeful investigation, which is nothing but a process to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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