Securities Appellate Tribunal
Bharat Natwarlal Patel vs Sebi on 26 April, 2023
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date: 26.4.2023
Misc. Application No.475 of 2023
And
Misc. Application No.476 of 2023
And
Appeal No.399 of 2023
Bharat Natwarlal Patel ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Ms. Rinku Valanju, Advocate with Ms. Akshita Sharma
and Mr. Amit Kumar, Advocates i/b. R V Legal for the
Appellant.
Order:
1.For the reasons stated in the application, the delay in the filing of the appeal is condoned. The application is allowed.
2
2. Out of 18 noticees, 15 noticees have been imposed penalty of Rs.25 lakhs to be paid jointly and severally. The allegation against the appellant is regarding one intraday trade which was found to be objectionable and such trades was treated to be circular/synchronised trades.
3. Let a reply be filed by the respondent within three weeks. Rejoinder may be filed three weeks thereafter. Matter would be listed for admission and for final disposal on 7th July, 2023.
4. In the meanwhile, we direct the appellant to deposit a sum of Rs.1.5 lakhs within four weeks from today. If the said amount is deposited the balance amount shall not be recovered during the pendency of the appeal. The stay application is disposed of accordingly.
5. This order will be digitally signed by the Private Secretary on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Certified copy of this order is also 3 available from the Registry on payment of usual charges.
Justice Tarun Agarwala Presiding Officer Ms. Meera Swarup Technical Member RAJALAK Digitally signed by SHMI RAJALAKSHMI HARISH HARISH NAIR 26.4.2023 NAIR Date: 2023.04.28 15:01:07 +05'30' RHN