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TMI Blog2013 (3) TMI 891X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 19.09.2002 passed by the Securities Appellate Tribunal, Mumbai, in Appeal No. 20 of 2002 setting aside the direction given by the appellant prohibiting the respondent from accessing capital market and dealing in securities market, has preferred this appeal. 2. Facts lie in a narrow compass. 3. The Chairman of the appellant, the Securities and Exchange Board of India, passed Order dated 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t has opted to issue a direction under section 11B 'prohibiting the Appellant from accessing capital market and directing him not to deal in securities market in any capacity for a period of three years.'" 4. However, the Tribunal found the order to be bad on its conclusion that the same tantamounts to imposition of penalty under Section 11B of the Securities and Exchange Board of In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said judgment. 7. We are of the opinion that the matter stands concluded by the aforesaid judgment and for the reason stated therein the order impugned cannot be allowed to stand. 8. In the result, we allow this appeal, set aside the judgment and order of the Securities Appellate Tribunal but without any order as to costs. ORDER The appeal is allowed but without any order as to costs in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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