Securities Appellate Tribunal
Ise Dealers Association Through ... vs Sebi on 26 February, 2018
Author: J. P. Devadhar
Bench: J. P. Devadhar
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date of Decision: 26.2.2018
Misc. Application No.12 of 2018
And
Appeal No.12 of 2018
ISE Dealers Association
Through Rajendra M. Jain
The Members of their Managing Committee
C/o. ANG Financial Consultants Pvt. Ltd.,
703, Meadows, Sahara Plaza Complex,
Andheri-Kurla Road,
Andheri (E), Mumbai - 400059. ..... Appellant
Versus
1.Securities and Exchange Board of India SEBI Bhavan, Plot No.C4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051. ... Respondent
2. Inter-connected Enterprises Ltd.
(Erstwhile known as Inter-connected Stock Exchange of India Ltd) International Infotech Park, Tower No.7, 5th Floor, Sector-30, Vashi, Navi Mumbai- 400 703 Maharashtra.
Mr. Sandeep Jalan, Advocate for the Appellant. Mr. Gaurav Joshi, Senior Advocate with Mr. Tomu Francis and Mr. Vivek Shah, Advocates for the Respondent no.1. Mr. Rajesh Khandelwal, Advocate with Mr. Ashok Lunia i/b. Juris Link for Respondent no.2 CORAM : Justice J. P. Devadhar, Presiding Officer Dr. C.K.G. Nair, Member 2 Per : Justice J. P. Devadhar (Oral)
1. Appeal no.12 of 2018 is filed to challenge the order passed by the Whole Time Member of Securities and Exchange Board of India (SEBI for short) on December 8, 2014. Misc. Application No.12 of 2018 is taken out seeking condonation of 1035 days delay in filing the appeal against the order dated December 8, 2014.
2. Basic contention of the appellants is that after the impugned order dated December 8, 2014 the appellants have made several representations to the Respondent nos. 1 and 2 against the impugned order. It is also submitted that the appellants made representation to the Chairman of the Finance Committee, Ministry of Finance, Government of India. It is prayed that since the order passed by SEBI is without jurisdiction the delay of 1035 days in filing the appeal be condoned.
3. We see no merit in the above contentions.
4. By the impugned order SEBI permitted the Interconnected Stock Exchange of India Ltd. to exit as a Stock Exchange and further directed for compliance of the obligations set out therein. It is not in dispute that the impugned order has already been implemented and the Interconnected Stock Exchange of India Ltd has ceased to be a Stock Exchange long ago. In these circumstances, in our opinion it is a futile attempt made by the appellant to challenge the impugned order at this belated stage when the said order is already implemented long ago and it is irreversible.
5. In the result, we see no reason to condone the delay. However, we make it clear that it would be open to the appellant to seek redressal of the grievance if any, against the respondent no.2 by initiating appropriate proceedings. Accordingly, the Misc. Application is dismissed. In view of 3 the dismissal of the Miscellaneous Application, the appeal becomes infructuous and the same is disposed of accordingly with no order as to costs.
Sd/-
Justice J. P. Devadhar Presiding Officer Sd/-
Dr. C.K.G. Nair Member 26.2.2018 Prepared and compared by RHN