Securities Appellate Tribunal
In The Matter Of A.L.No. 425 Of 2020 - ... vs Sebi on 8 December, 2020
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date: 08.12.2020
Misc. Application No. 419 of 2020
(Stay Application)
And
Appeal Lodging No. 425 of 2020
Rajesh Agarwal ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Amit Kakri, Advocate i/b Ajay Law Associates for the
Appellant.
Mr. Abhiraj Arora, Advocate i/b ELP for the Respondent.
ORDER:
1. We have heard Mr. Amit Kakri, learned counsel for the appellant and Mr. Abhiraj Arora, learned counsel for the respondent through video conference.
2. Three weeks time is allowed to the respondent to file a reply. Two weeks thereafter to the appellant to file rejoinder. The matter would be listed for admission and for final disposal on January 12, 2021.
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3. The appellant has been penalized for a sum of Rs. 5 lakhs for circular trading in the shares of Vani Commercials Limited ("VCL" for convenience). A specific assertion was made by the appellant that the email address and the mobile numbers as well as the Baroda address have not of the appellant and that he has never traded in the shares of VCL. The appellant has been found guilty of synchronized trading on the basis of certain Know Your Client ("KYC") documents obtained from National Securities Depository Limited ("NSDL") and Central Depository Services Limited ("CDSL"). Let a reply be filed by the respondent annexing all these documents to show that the appellant was actually the beneficiary of the email accounts and the mobile numbers.
4. In view of the aforesaid, the effect and operation of the impugned order against the appellant shall remain stayed provided the appellant deposits a sum of Rs. 2 lakhs before the respondent within four weeks from today. If the said amount is deposited the balance amount shall not be recovered during the pendency of the appeal.
5. Parties are directed to take instructions from the Registrar 48 hrs. before the date fixed in order to find out as to whether 3 the matter would be taken up for hearing through video conference or through physical hearing.
6. The present matter was heard through video conference due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a certified copy of this order could be issued by the Registry. In these circumstances, this order will be digitally signed by the Presiding Officer on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Parties will act on production of a digitally signed copy sent by fax and/or email.
TARUN Digitally signed by TARUN AGARWAL DN: c=IN, o=PUBLIC WORKS DEPARTMENT UTTAR PRADESH, postalCode=221505, st=Uttar Pradesh, 2.5.4.20=30fcf68685192bbc53e6ff1608a83fb3881de7a c2ab7954d509c85ed6e0f7c41, AGARWAL serialNumber=095f8b286bb0b1cd07ff676611f4f5e79 99727d404aa38ca422f9d3529bdb8a3, cn=TARUN AGARWAL Date: 2020.12.08 17:41:18 +05'30' Justice Tarun Agarwala Presiding Officer Justice M. T. Joshi Judicial Member 08.12.2020 PK