Supreme Court Refuses To Interfere With Order Debarring MBL From Dealing In Securities In Its Proprietary Account For A Period Of 4 Years
Live LawThe Supreme Court, on Thursday, refused to interfere with the order of the Securities Appellate Tribunal which had affirmed the order of the Whole-Time Member, SEBI to debar MBL Company Limited from dealing in securities in its proprietary account for a period of 4 years. Investigation revealed that during the said period, MBL Company Limited, the broker, had executed self-trades on NSE in its proprietary account and these self-trades though in negligible quantity, affected the total market positive Last Traded Price. In its order dated 28.02.2020 by exercising power under Sections 11, 11 and 11B read with Section 19 of the SEBI Act, 1992 the WTM restrained the appellant from buying, selling or otherwise dealing in securities in its proprietary account, directly or indirectly for a period of 4 years from the date of order. As the appeal was pending before SAT, by an interim order dated 03.03.2020, it directed that the WTM order dated 28.02.2020 would remain stayed upon MBL depositing Rs.
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