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HC Dismisses Rathi's Petition Challenging Sebi Ban

The Bombay High Court dismissed Anand Rathi's petition challenging the suspension of his four firms from trading on the Bombay Stock Exchange by the Securities and Exchange Board of India (SEBI). The court observed that SEBI has the power under the SEBI Act to pass such emergency orders. SEBI's counsel stated that the inquiry into the matter would be expedited and completed within three months, so the court ruled that the trading ban on Rathi and his firms would remain in place until the inquiry concludes.

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63 views1 page

HC Dismisses Rathi's Petition Challenging Sebi Ban

The Bombay High Court dismissed Anand Rathi's petition challenging the suspension of his four firms from trading on the Bombay Stock Exchange by the Securities and Exchange Board of India (SEBI). The court observed that SEBI has the power under the SEBI Act to pass such emergency orders. SEBI's counsel stated that the inquiry into the matter would be expedited and completed within three months, so the court ruled that the trading ban on Rathi and his firms would remain in place until the inquiry concludes.

Uploaded by

PriyankaJain
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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HC dismisses Rathi's petition challenging Sebi ban

In a landmark judgement, the Bombay high court on Wednesday dismissed the


petition filed by former Bombay Stock Exchange president Anand Rathi, challenging
the suspension of his four firms from trading on the BSE by the Securities and
Exchange Board of India.

The division bench comprising Justice A P Shah and S H Vajifdar, in its order,
observed that Sebi has the power under Section 11B of the Sebi Act to pass such an
emergent order.

Sebi counsel Goolam Vahanvatti told the division bench that inquiry into the matter is
pending and it will be expedited and completed within three months.

In view of this statement, the court observed that the ban on Rathi and his firms would
continue till the inquiry is complete.

This is the first time in the history of any high court in India that a Sebi order was
challenged in such an emergent situation.

Sebi had stopped Rathi from trading on March 12 for his alleged involvement in
seeking price-sensitive details from the surveillance department of the BSE, which
were recorded on tape.

It is alleged that the information was in turn passed on to others who in turn gained by
trading on this information. However, Rathi refuted the allegations and challenged the
suspension order by Sebi in court.

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