Securities Appellate Tribunal
M/S. Nimi Enterprises And Ors vs Sebi on 9 May, 2023
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date: 9.5.2023
Misc. Application No.635 of 2023
And
Appeal No.444 of 2023
M/s. Nimi Enterprises and Ors. ...Appellants
Versus
Securities and Exchange Board of India ...Respondent
Mr. Shyam Mehta, Senior Advocate with Mr. Sumit
Agrawal, Mr. Pratham Darad, Mr. Tarun Toprani, Ms. Krishi
Jain and Ms. Devika Madekar, Advocates i/b. Regstreet Law
Advisors for the Appellant.
Mr. Guarav Joshi, Senior Advocate with Mr. Manish
Chhangani, Ms. Samreen Fatima and Mr. Sumit Yadav,
Advocates i/b. The Law Point for the Respondent.
Order:
1.We have heard the learned counsel for the parties. The appellant shall apply for a certified copy of the impugned order which will be made available by the 2 respondent within ten days. The certified copy shall be filed with the Registry thereafter. The exemption application is accordingly disposed of.
2. One of the question which arises for consideration is
(i) whether by spoofing of the order book the appellant has made a profit or not; and
(ii) whether by spoofing of the order book the appellant induced the investors to trade.
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 17th July, 2023.
4. Considering the facts and circumstances that has been placed before us, we direct that the restraint order passed against the appellant shall remain stayed. Further, the appellant shall deposits 50% of the disgorgement amount/unlawful gain/penalty amount within three weeks from today failing which the interim order shall stand vacated automatically. 3
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 available from the Registry on payment of usual charges.
Justice Tarun Agarwala Presiding Officer Ms. Meera Swarup Technical Member RAJALAKS Digitally signed HMI by RAJALAKSHMI HARISH NAIR HARISH 9.5.2023 NAIR Date: 2023.05.11 10:52:51 +05'30' RHN