0242-2009 Pyramid Saimira Theatre Ltd. vs Securities and Exchange Board of India
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defaulter may itself expose him to the penalty provision yet despite, that in the statute minimum penalty is prescribed, the authority may refuse to impose penalty for justifiable reasons like the default occurred due to bona fide belief that he was not liable to act in the manner prescribed by the statute or there was too technical or venial breach, etc. 26 to 29. ………………………………………………. 30. The SEBI Act and the Regulations, are intended to regulate the Security Market and the related aspects, the imposition of penalty, in the given, facts and circumstances of the case, cannot be test
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI Appeal No.242 of 2009
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