Securities law violation compounding: HC orders SEBI to submit all documents considered.

The HC set aside the order dismissing the petitioner's application u/s 91 CrPC. It directed SEBI to produce all documents considered by HPAC and WTM while rejecting the petitioner's request for compounding the alleged offense, though in a sealed cover. Regulation 29 of the Settlement Regulation cannot prohibit the court from examining these materials to decide on allowing or rejecting compounding as per Supreme Court guidelines in Prakash Gupta case. The decision on supplying these documents to the petitioner rests with the court. .....

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