SEBI – Appellate Tribunal is an appellate forum and not the authority empowered to initiate penalty proceedings under Section 15-H or suo moto issue directions under Section 11, 11B or 11(4)(d) of the Act. It can uphold or set aside the direction issued, or modify and substitute the direction issued under Regulation 44 of the Takeover Regulations 1997 read with Sections 11, 11B and 11(4)(d) of the Act.
SUPREME COURT OF INDIA DIVISON BENCH SECURITIES AND EXCHANGE BOARD OF INDIA — Appellant Vs. SUNIL KRISHNA KHAITAN AND OTHERS — Respondent ( Before : Sanjiv Khanna and Bela M.…