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TMI Blog2010 (10) TMI 1162X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the Bombay Stock Exchange Limited (BSE). It claims to be a part of the Keynote group which is said to be providing comprehensive investment banking facilities/advices in regard to the companies in India. The Appellant also claims to be providing the entire range of stock broking services backed by investment research. It further claims that it has a large retail network comprising of more than 75 terminals spread across the country with more than 6000 clients. The Appellant came out with a research analysis report in regard to the scrip of Pyramid Saimira Theatre Limited (for short PSTL) which anticipated/predicted that the price of the scrip of PSTL after 18 months would be ₹ 1074/- when the prevailing price of the scrip on the da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... veral other entities found to be involved in the manipulation of the scrip of PSTL and they were prohibited from accessing the capital market while some of them had been told not to accept new clients. The ex-parte order was treated as a show cause notice to which the Appellant filed its reply denying the charges and also furnished the basis for giving the research analysis report in regard to the scrip of PSTL. The whole time member by his order of July 6, 2010 has confirmed the ex-parte ad-interim order stating that As the investigation in the present matter is in an advanced stage, it would be prudent on my part to wait till the outcome of the investigation and review the action against keynote. The ongoing investigation shall inter ali ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Admittedly, the whole time member has not examined these factors in the impugned order and is waiting for the investigations to conclude. Since the investigations are still pending, we would not like to comment on any of the issues now sought to be raised before us lest any observation made by us prejudice the case of either party. 4. Having regard to the circumstances of the case and taking note of the fact that the Appellant has now stayed out of the market for 18 months, the equities of the case demand that the interim order against the Appellant be vacated and the investigations be allowed to proceed. We, therefore, allow the appeal, set aside the impugned order confirming the ad-interim ex-parte order and direct the Board to continu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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